The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

Citation, commencement and interpretation U.K.

1.—(1) This Order may be cited as the [F1 Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014], and comes into force on 6th April 2014.

(2) In this Order—

F2 ...

F2 ...

“the 1986 Act” means the Insolvency Act 1986 M1 [F3 (see also paragraph (5))];

“the 2006 Act” means the Companies Act 2006 M2 ;

[F4 “the 2014 Act” means the Co-operative and Community Benefit Societies Act 2014;]

[F5 “the 2015 Act” means the Small Business, Enterprise and Employment Act 2015;]

“authorised person” has the meaning given in section 31(2) of FSMA;

“authorised deposit taker” has the meaning given in section 359(4) of FSMA M3 ;

F6 ...

“deposit” has the meaning given by article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M4 ;

F6 ...

“FSMA” means the Financial Services and Markets Act 2000 M5 ;

“member”, in relation to a relevant society, means a person whose name is entered as a member in the register kept by the society in accordance with [F7 section 30(1) of the 2014 Act];

F6 ...

[F8 “relevant CCBS” means a co-operative society or community benefit society, that is registered under the 2014 Act but not a society that is—

(a)

registered as a social landlord under Part 1 of the Housing Act 1996 or Part 2 of the Housing (Scotland) Act 2010; or

(b)

a credit union within the meaning of section 31(1) of the Credit Unions Act 1979];

“relevant person” has the meaning given in section 213(9)(a) of FSMA M6 ; and

“relevant society” means a [F9 registered society which] is not—

(a)

a private registered provider of social housing; or

(b)

registered as a social landlord under Part 1 of the Housing Act 1996 M7 or under Part 2 of the Housing (Scotland) Act 2010 M8 .

(3) The definition of “authorised deposit taker” is to be construed in accordance with—

(a) section 22 of, and Schedule 2 to, FSMA M9 ; and

(b) any relevant order under section 22 M10 .

(4) For the purposes of this Order a relevant society is “in administration” while the appointment of an administrator of the society under Schedule B1 to the 1986 Act M11 has effect.

[F10 (5) In this Order a reference to the 1986 Act is to the 1986 Act without the amendments made by section 1 of, and Schedules 1 to 3 to, the Corporate Insolvency and Governance Act 2020.]

Textual Amendments

F1 Words in art. 1(1) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 33

F2 Words in art. 1(2) omitted (1.8.2014) by virtue of The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 (S.I. 2014/1822), arts. 1(2), 3(a)

F3 Words in art. 1(2) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 54(a) (with ss. 2(2), 5(2))

F4 Words in art. 1(2) inserted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 (S.I. 2014/1822), arts. 1(2), 3(b)

F5 Words in art. 1(2) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 15(2)

F6 Words in art. 1(2) omitted (1.8.2014) by virtue of The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 (S.I. 2014/1822), arts. 1(2), 3(c)

F7 Words in art. 1(2) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 (S.I. 2014/1822), arts. 1(2), 3(d)

F8 Words in art. 1(2) inserted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 6

F9 Words in art. 1(2) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 (S.I. 2014/1822), arts. 1(2), 3(e)

F10 Art. 1(5) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 54(b) (with ss. 2(2), 5(2))

Marginal Citations

M1 1986 c. 45.

M2 2006 c. 46.

M3 The definition was amended by the Financial Services Act 2012 (c. 21), Schedule 14, paragraphs 1 and 6(1) and (5).

M4 S.I. 2001/544.

M5 2000 c. 8.

M6 Section 213(9)(a) was amended by the Financial Services Act 2012, Schedule 10, paragraphs 1 and 3(1) and (6).

M7 1996 c. 52.

M8 2010 asp 17.

M9 Section 22 and Schedule 2 were amended by the Financial Services Act 2012, section 7.

M10 The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) is relevant.

M11 Schedule B1 was inserted by the Enterprise Act 2002, section 248(2) and Schedule 16; and was amended by the Financial Services Act 2012, Schedule 18, paragraphs 51 and 55, and by S.I. 2003/2096, 2008/948 and 2008/1897. There are other amendments not relevant to this Order.