Companies (Investment Companies) (Distribution of Profits) Regulations (Northern Ireland) 2004

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Companies (Investment Companies) (Distribution of Profits) Regulations (Northern Ireland) 2004 and shall come into operation on 1st March 2004.

(2) In these Regulations, “the 1986 Order” means the Companies (Northern Ireland) Order 1986(1).

(3) The Interpretation Act (Northern Ireland) 1954(2) shall apply to these Regulations as it applies to an Act of the Northern Ireland Assembly.

Amendment of Article 273

2.  In Article 273 of the 1986 Order (other distributions by investment companies)(3), in paragraph (4)(b)(i) after the words “capital profits” there shall be inserted the words “otherwise than by way of the redemption or purchase of any of the company’s own shares in accordance with Article 170 or 172 in Chapter VII of Part VI”.

Amendment of Article 274

3.  In Article 274 of the 1986 Order (meaning of “investment company”)(4) –

(a) in paragraph (2)(c), after “that” insert “subject to paragraph (2A),” and

(b) after that paragraph insert –

“(2A) An investment company need not be prohibited by its memorandum or articles from redeeming or purchasing its own shares in accordance with Article 170 or 172 in Chapter VII of Part VI out of its capital profits.”.

Transitional provision

4.  Article 273(4) of the 1986 Order shall apply in relation to any part of a relevant period (as defined in Article 273(5)) which falls before the date of coming into operation of these Regulations as if the amendment to that Article effected by regulation 2 had not been made.

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 22nd January 2004.

L.S.

M. Bohill

A senior officer of the

Department of Enterprise, Trade and Investment