30Cap on distributions and interestE+W+S
(1)Community interest companies must not distribute assets to their members unless regulations make provision authorising them to do so.
(2)If regulations authorise community interest companies to distribute assets to their members, the regulations may impose limits on the extent to which they may do so.
(3)Regulations may impose limits on the payment of interest on debentures issued by, or debts of, community interest companies.
(4)Regulations under this section may make provision for limits to be set by the Regulator.
(5)The Regulator—
(a)may set a limit by reference to a rate determined by any other person (as it has effect from time to time), and
(b)may set different limits for different descriptions of community interest companies.
(6)The Regulator must (in accordance with section 27)—
(a)undertake appropriate consultation before setting a limit, and
(b)in setting a limit, have regard to its likely impact on community interest companies.
(7)Regulations under this section may include power for the Secretary of State to require the Regulator to review a limit or limits.
(8)Where the Regulator sets a limit he must publish notice of it in the Gazette.
Commencement Information
I1S. 30 in force at 1.7.2005 by S.I. 2004/3322, art. 2(3), Sch. 3