The Community Interest Company Regulations 2005

1. Introductory Text

2. PART 1 Citation, commencement and interpretation

   1. 1. Citation and commencement

   2. 2. Interpretation

3. PART 2 The community interest test and excluded companies

   1. 3. Political activities not to be treated as being carried on for the benefit of the community

   2. 4. Other activities not to be treated as being carried on for the benefit of the community

   3. 5. Section of the community

   4. 6. Excluded companies

4. PART 3 Requirements concerning the memorandum and articles

   1. 7. Company without share capital

   2. 8. Company with share capital

   3. 9. Alternative provisions

   4. 10. Declaration of dividends

5. PART 4 Prescribed documents

   1. 11. Prescribed formation documents

   2. 12. Prescribed conversion documents

6. PART 5 Alteration of objects

   1. 13. Requirement for Regulator’s approval

   2. 14. Documents to be delivered to registrar of companies

   3. 15. Decisions etc

   4. 16. Exemptions

7. PART 6 Restrictions on distributions and interest

   1. 17. Declaration of dividends

   2. 18. Maximum dividend per share

   3. 19. Maximum aggregate dividend

   4. 20. Carrying forward of unused dividend capacity from previous financial years

   5. 21. The interest cap

   6. 22. Initial level and subsequent variation of dividend caps and interest cap

   7. 23. Distribution of assets on a winding up

   8. 24. Redemption and purchase of shares

   9. 25. Reduction of share capital

8. PART 7 Community interest company report

   1. 26. General

   2. 27. Information about dividends

   3. 28. Information about debts or debentures on which a performance-related rate is payable

   4. 29. Application of the 1985 Act

9. PART 8 Managers

   1. 30. Remuneration

   2. 31. Security

   3. 32. Failure and removal

   4. 33. Reports

10. PART 9 The registrar of companies

    1. 34. Modifications and amendments

    2. 35. Documents

11. PART 10 Fees

    1. 36. Fees payable by a community interest company

12. PART 11 The Appeal Officer

    1. 37. Time limits

    2. 38. Notice of appeal

    3. 39. Appeal procedure etc

    4. 40. Determination of appeal

    5. 41. Dismissal of appeal

    6. 42. Reasons

13. Signature

14. 1. SCHEDULE 1

       PROVISIONS PRESCRIBED FOR THE MEMORANDUM OR ARTICLES OF A COMMUNITY INTEREST COMPANY LIMITED BY GUARANTEE WITHOUT A SHARE CAPITAL

       1. 1. (1) The company shall not transfer any of its assets...

       2. 2. (1) The subscribers to the memorandum are the first members...

       3. 3. (1) A person who is not a member of the...

       4. 4. (1) Questions arising at a meeting of directors shall be...

    2. SCHEDULE 2

       PROVISIONS PRESCRIBED FOR THE MEMORANDUM OR ARTICLES OF A COMMUNITY INTEREST COMPANY LIMITED BY SHARES, OR LIMITED BY GUARANTEE WITH A SHARE CAPITAL

       1. 1. (1) The company shall not transfer any of its assets...

       2. 2. (1) The directors may refuse to register the transfer of...

       3. 3. (1) A person who is not a member of the...

       4. 4. (1) Questions arising at a meeting of directors shall be...

    3. SCHEDULE 3

       ALTERNATIVE PROVISIONS PRESCRIBED FOR THE MEMORANDUM OR ARTICLES OF A COMMUNITY INTEREST COMPANY LIMITED BY SHARES, OR LIMITED BY GUARANTEE WITH A SHARE CAPITAL

       1. 1. (1) The company shall not transfer any of its assets...

       2. 2. (1) The directors may refuse to register the transfer of...

       3. 3. (1) A person who is not a member of the...

       4. 4. (1) Questions arising at a meeting of directors shall be...

    4. SCHEDULE 4

       CALCULATION OF THE AVERAGE DEBT OR SUM OUTSTANDING UNDER A DEBENTURE DURING A 12 MONTH PERIOD

       1. 1. (1) The average amount of a debt or sum outstanding...

       2. 2. Where the amount of the debt or the sum outstanding...

    5. SCHEDULE 5

       FEES PAYABLE TO THE REGISTRAR OF COMPANIES

15. Explanatory Note