The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 No. 229

SCHEDULE 1 Modified application of Parts 1 and 2 of the Insolvency Act 1986 to relevant societies

PART 3 Modified application of Part 2 of the Insolvency Act 1986 to relevant societies (further modifications)

Functions of administrator

29.  In paragraph 65 (distribution) sub-paragraph (1) has effect as if it provided that the administrator may make a distribution to a member of the society in relation to any amount owed by the society in respect of the member’s shares where—

(a) the society is an authorised deposit taker; and

(b) the amount concerned is owed in respect of a deposit.