EXPLANATORY NOTE

(This note is not part of the Order)

This Order brings into force on 1st December 2013 sections 4 to 7 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c.7) (the “2010 Act”). Section 4 gives the Treasury power by regulations to apply to societies registered under the Industrial and Provident Societies Act 1965 (c.12) certain statutory provisions applying to companies. Section 5 gives the Treasury power by regulations to make provision for credit unions corresponding to provision for building societies. Section 6 gives the Treasury power by regulations to make amendments to legislation in consequence of the 2010 Act. Section 7 contains provision about regulations under the 2010 Act.