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The Companies (Audit, Investigations and Community Enterprise) (Northern Ireland) Order 2005

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This is the original version (as it was originally made).

Cap on distributions and interest

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29.—(1) Community interest companies must not distribute assets to their members unless regulations make provision authorising them to do so.

(2) If regulations authorise community interest companies to distribute assets to their members, the regulations may impose limits on the extent to which they may do so.

(3) Regulations may impose limits on the payment of interest on debentures issued by, or debts of, community interest companies.

(4) Regulations under this Article may make provision for limits to be set by the Regulator.

(5) The Regulator—

(a)may set a limit by reference to a rate determined by any other person (as it has effect from time to time), and

(b)may set different limits for different descriptions of community interest companies.

(6) The Regulator must (in accordance with Article 26)—

(a)undertake appropriate consultation before setting a limit, and

(b)in setting a limit, have regard to its likely impact on community interest companies.

(7) Regulations under this Article may include power for the Department to require the Regulator to review a limit or limits.

(8) Where the Regulator sets a limit he must publish notice of it in the Belfast Gazette.

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