Power to amend corporate insolvency or governance legislation: Northern Ireland N.I.

31 Time-limited effect N.I.

(1) Regulations under section 28 must be framed so that any provision made by them—

(a) has effect only for a period not exceeding six months, or

(b) applies only in relation to circumstances occurring in a period not exceeding six months.

(2) This does not prevent further regulations under section 28 from—

(a) making the same provision for, or applying in relation to, subsequent periods (not exceeding six months at a time);

(b) extending (by up to six months) the period for or in relation to which earlier regulations under that section apply.

(3) A relevant authority must keep regulations made by it under section 28 under review during the period for which they have effect or in relation to which they apply.

(4) If on such a review the relevant authority is satisfied that that period—

(a) is longer than expedient for the purpose for which the regulations were made, or

(b) has ceased to be proportionate to that purpose,

the relevant authority must by regulations under this subsection revoke or amend the regulations as appropriate.

(5) Regulations under subsection (4) may contain transitional provision or savings.