Search Legislation

Companies (Audit, Investigations and Community Enterprise) Act 2004

Status:

This is the original version (as it was originally enacted).

Section 27

SCHEDULE 3Regulator of Community Interest Companies

This schedule has no associated Explanatory Notes

Regulator’s terms of appointment

1(1)The period for which a person is appointed as Regulator must not exceed five years.

(2)A person who has held office as Regulator may be re-appointed, once only, for a further period not exceeding five years.

(3)The Regulator may at any time resign the office by giving notice in writing to the Secretary of State.

(4)The Secretary of State may at any time remove the Regulator on the ground of incapacity or misbehaviour.

(5)Subject to that, the Regulator holds and vacates office on the terms determined by the Secretary of State.

Remuneration and pensions

2(1)The Secretary of State may pay remuneration and travelling and other allowances to the Regulator.

(2)The Secretary of State may—

(a)pay a pension, allowance or gratuity to or in respect of a person who is or has been the Regulator, or

(b)make contributions or payments towards provision for a pension, allowance or gratuity for or in respect of such a person.

Staff

3(1)The Regulator may, after consulting the Minister for the Civil Service as to numbers and terms and conditions of service, appoint such staff as the Regulator may determine.

(2)The members of staff must include a deputy to the Regulator who is to act as Regulator—

(a)during any vacancy in that office, or

(b)if the Regulator is absent, subject to suspension or unable to act.

(3)Where a participant in a scheme under section 1 of the Superannuation Act 1972 (c. 11) is appointed as the Regulator, the Minister for the Civil Service may determine that the person’s term of office as the Regulator is to be treated for the purposes of the scheme as service in the employment by reference to which he was a participant (whether or not any benefits are payable by virtue of paragraph 2(2)).

4The Chief Charity Commissioner may make available to the Regulator, to assist in the exercise of the Regulator’s functions, any officer or employee appointed under paragraph 2(1) of Schedule 1 to the Charities Act 1993 (c. 10).

Delegation of functions

5Anything which the Regulator is authorised or required to do may be done by a member of the Regulator’s staff if authorised by the Regulator (generally or specifically) for that purpose.

Finance

6The Secretary of State may make payments to the Regulator.

Reports and other information

7(1)The Regulator must, in respect of each financial year, prepare a report on the exercise of the Regulator’s functions during the financial year.

(2)The Regulator must prepare accounts in respect of a financial year if the Secretary of State so directs.

(3)The Regulator must send a copy of the accounts to the Comptroller and Auditor General.

(4)The Comptroller and Auditor General must examine, certify and report on the accounts and send a copy of the report to the Regulator.

(5)The Regulator must include the accounts and the Comptroller and Auditor General’s report on them in the report prepared by the Regulator in respect of the financial year to which the accounts relate.

(6)The Regulator must prepare that report as soon as possible after the end of the financial year to which it relates.

(7)The Regulator must send to the Secretary of State a copy of—

(a)each report prepared by the Regulator under sub-paragraph (1), and

(b)each report prepared by the Official Property Holder under paragraph 6 of Schedule 5.

(8)The Secretary of State must lay before each House of Parliament a copy of each of those reports.

(9)The Regulator must supply the Secretary of State with such other reports and information relating to the exercise of the Regulator’s functions as the Secretary of State may require.

(10)“Financial year” means—

(a)the period beginning with the date on which a person is first appointed as the Regulator and ending with the next 31st March, and

(b)each successive period of 12 months beginning with 1st April.

Amendments

8In Schedule 2 to the Parliamentary Commissioner Act 1967 (c. 13) (departments and authorities subject to investigation), insert at the appropriate place—

Office of the Regulator of Community Interest Companies.

9In Part 3 of Schedule 1 to the House of Commons Disqualification Act 1975 (c. 24) (disqualifying offices), insert at the appropriate place—

Regulator of Community Interest Companies.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources