Citation, commencement and interpretation1

1

This Order may be cited as the F1Co-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 M1F8(see also paragraph (5));

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

  • F3“the 2014 Act” means the Co-operative and Community Benefit Societies Act 2014;

  • F7“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;

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

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  • “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 F5section 30(1) of the 2014 Act;

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  • F10“relevant CCBS” means a co-operative society or community benefit society, that is registered under the 2014 Act but not a society that is—

    1. a

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

    2. 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 F6registered society which is not—

    1. a

      a private registered provider of social housing; or

    2. 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.

F95

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.