The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

4.  Unless the context otherwise requires and subject to any further modification in this Part, the applied provisions have effect with the following general modifications—

(a) a reference to Part 1 or any provision of Part 1, 2, 4, 6, 7 or 17 of the 1986 Act is a reference to that Part or provision as applied in relation to a relevant society;

(b) an expression defined in the 1986 Act (but not an expression modified by this paragraph) has the meaning given in that Act as read with any modification made by this Order;

(c) a reference to an administrative receiver is a reference to an administrative receiver within the meaning given in Schedule A1(1) in relation to a relevant society whose registered office is situated in England or Wales;

(d) a reference to the articles of a company is a reference to the rules of a relevant society;

(e) a reference to a class of creditors includes a reference to a single class of members of a relevant society that consists of the member-depositors of the society, but only in so far as the member-depositors are owed amounts in respect of deposits;

(f) a reference to a company includes a reference to a relevant society;

(g) a reference to a company’s creditors, other than in a reference to a class of creditors, does not include a reference to a member of a relevant society to whom an amount is owed by the society if, but only in so far as, the amount concerned is owed in respect of the member’s shares;

(h) a reference to the directors of a company is a reference to the members of the committee of a relevant society;

(i) a reference to a floating charge is a reference to a floating charge within the meaning given in Schedule A1(2) in relation to a relevant society whose registered office is situated in England or Wales;

(j) a reference to a meeting of a company or of the members of a company is a reference to a general meeting of a relevant society and, in relation to a society whose rules allow the members to appoint delegates for meetings of the society or its members, includes a reference to a general meeting for which delegates have been appointed;

(k) a reference to an officer of a company is a reference to an officer of a relevant society; and

(l) a reference to the registrar of companies is a reference to the FCA.

(1)

For the meaning of “administrative receiver” see paragraph 1 of Schedule A1 as modified by paragraph 6(a) of Schedule 1 to this Order.

(2)

For the meaning of “floating charge” see the modification of Schedule A1 made by paragraph 7 of Schedule 1 to this Order.