The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

Part 1 (company voluntary arrangements) U.K.

3.  Section 1 of the 1986 Act (those who may propose an arrangement) M1 has effect as if—

(a) it required any proposal under Part 1 to be so framed as to enable a relevant society to comply with the rules of the society and the provisions of [F1 the 2014 Act] and the Credit Unions Act 1979 M2 ; and

(b) in subsection (1) M3 the reference to debts included a reference to any amount owed by the society in respect of a member's shares where—

(i) the society is an authorised deposit taker; and

(ii) the amount concerned is owed in respect of a deposit.

Textual Amendments

F1 Words in Sch. 1 para. 3(a) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) Order 2014 (S.I. 2014/1822), arts. 1(2), 5(b)

Marginal Citations

M1 Section 1 was amended by the Insolvency Act 2000, Schedule 2, paragraphs 1 and 2, and by the Enterprise Act 2002 (c. 40), Schedule 17, paragraphs 9 and 10. There are other amendments not relevant to this Order.

M2 1979 c.34.

M3 Subsection 1 was amended by the Enterprise Act 2002, Schedule 17, paragraphs 9 and 10(a).