25.—(1) There is to be a new type of company to be known as the community interest company.
(2) In accordance with this Part—
(a)a company limited by shares or a company limited by guarantee and not having a share capital may be formed as or become a community interest company, and
(b)a company limited by guarantee and having a share capital may become a community interest company.
(3) A community interest company established for charitable purposes is to be treated as not being so established and accordingly is not a charity.
26.—(1) There is to be an officer known as the Regulator of Community Interest Companies for Northern Ireland (referred to in this Part as “the Regulator”).
(2) The Department must appoint a person to be the Regulator.
(3) The Regulator has such functions relating to community interest companies as are conferred or imposed by or under this Order or any other statutory provision.
(4) The Regulator must adopt an approach to the discharge of those functions which is based on good regulatory practice, that is an approach adopted having regard to—
(a)the likely impact on those who may be affected by the discharge of those functions,
(b)the outcome of consultations with, and with organisations representing, community interest companies and others with relevant experience, and
(c)the desirability of using the Regulator’s resources in the most efficient and economic way.
(5) The Regulator may issue guidance, or otherwise provide assistance, about any matter relating to community interest companies.
(6) The Department may require the Regulator to issue guidance or otherwise provide assistance about any matter relating to community interest companies which is specified by the Department.
(7) Any guidance issued under this Article must be such that it is readily accessible to, and capable of being easily understood by, those at whom it is aimed; and any other assistance provided under this Article must be provided in the manner which the Regulator considers is most likely to be helpful to those to whom it is provided.
(8) Schedule 4 (further provisions about the Regulator) has effect.
27.—(1) There is to be an officer known as the Appeal Officer for Community Interest Companies for Northern Ireland (referred to in this Part as “the Appeal Officer”).
(2) The Department must appoint a person to be the Appeal Officer.
(3) The Appeal Officer has the function of determining appeals against decisions and orders of the Regulator which under this Order or any other statutory provision lie to the Appeal Officer.
(4) An appeal to the Appeal Officer against a decision or order of the Regulator may be brought on the ground that the Regulator made a material error of law or fact.
(5) On such an appeal the Appeal Officer must—
(a)dismiss the appeal,
(b)allow the appeal, or
(c)remit the case to the Regulator.
(6) Where a case is remitted the Regulator must reconsider it in accordance with any rulings of law and findings of fact made by the Appeal Officer.
(7) Schedule 5 (further provisions about the Appeal Officer) has effect.
28.—(1) There is to be an officer known as the Official Property Holder for Community Interest Companies for Northern Ireland (referred to in this Part as “the Official Property Holder”).
(2) The Regulator must appoint a member of the Regulator’s staff to be the Official Property Holder.
(3) The Official Property Holder has such functions relating to property of community interest companies as are conferred or imposed by or under this Order or any other statutory provision.
(4) Schedule 6 (further provisions about the Official Property Holder) has effect.