2020 No. 331
Credit Unions And Co-operative And Community Benefit Societies

The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Relevant Period for Meetings of Registered Societies and Credit Unions No. 2) Regulations (Northern Ireland) 2020

Approved by resolution of the Assembly on 8th February 2021
Made
Coming into operation
The Department for the Economy, being the appropriate national authority 1 makes the following Regulations in exercise of the powers conferred by section 37 of, and paragraph 2(2)(b) of Schedule 14 to, the Corporate Insolvency and Governance Act 2020 2.

Citation and commencement1.

These Regulations may be cited as the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Relevant Period for Meetings of Registered Societies and Credit Unions No. 2) Regulations (Northern Ireland) 2020 and come into operation on 30th December 2020.

Amendment of the Corporate Insolvency and Governance Act 20202.

(1)

Schedule 14 to the Corporate Insolvency and Governance Act 2020 (meetings of companies and other bodies) is amended as follows.

(2)

In paragraph 2(1)(b), in relation to a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 19693 and a credit union within the meaning of the Credit Unions (Northern Ireland) Order 19854, for ‘‘30 December 2020’’ substitute ‘‘29 March 2021’’.

Sealed with the Official Seal of the Department for the Economy on 16th December 2020.

Colin Jack
A senior official of the Department for the Economy
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend the Corporate Insolvency and Governance Act 2020 (“the Act”) to extend the temporary arrangements for holding certain meetings of credit unions and co-operative and community benefit societies.

The Act contains provisions which make temporary modifications to aspects of corporate insolvency and governance law to mitigate the effects of coronavirus. The Act provides for the relevant period, during which the temporary arrangements for holding certain meetings are in force, to end on 30 December 2020.

Regulation 2 amends paragraph 2(1)(b) of Schedule 14 to the Act so that the relevant period, during which the temporary arrangements for holding certain meetings are in force, is extended to end on 29 March 2021.

A full impact assessment has not been produced for this rule as no, or no significant impact upon the private, voluntary or public sector is foreseen. An Explanatory Memorandum has been published alongside this instrument at www.legislation.gov.uk.