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Regulations made by the Department for the Economy and laid before the Assembly under paragraph 9(2) of Schedule 14 to the Corporate Insolvency and Governance Act 2020 for approval of the Assembly before the expiration of 40 days from the date of their being made
Statutory Rules of Northern Ireland
Credit Unions And Co-operative And Community Benefit Societies
Made
16th December 2020
Coming into operation
30th December 2020
1. These Regulations may be cited as the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Relevant Period for Meetings of Registered Societies and Credit Unions No. 2) Regulations (Northern Ireland) 2020 and come into operation on 30thDecember 2020.
2.—(1) Schedule 14 to the Corporate Insolvency and Governance Act 2020 (meetings of companies and other bodies) is amended as follows.
(2) In paragraph 2(1)(b), in relation to a registered society within the meaning of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969( 3) and a credit union within the meaning of the Credit Unions (Northern Ireland) Order 1985( 4), for ‘‘30 December 2020’’ substitute ‘‘29 March 2021’’.
(This note is not part of the Regulations)
These Regulations amend the Corporate Insolvency and Governance Act 2020 (“the Act”) to extend the temporary arrangements for holding certain meetings of credit unions and co-operative and community benefit societies.
The Act contains provisions which make temporary modifications to aspects of corporate insolvency and governance law to mitigate the effects of coronavirus. The Act provides for the relevant period, during which the temporary arrangements for holding certain meetings are in force, to end on 30 December 2020.
Regulation 2 amends paragraph 2(1)(b) of Schedule 14 to the Act so that the relevant period, during which the temporary arrangements for holding certain meetings are in force, is extended to end on 29 March 2021.
A full impact assessment has not been produced for this rule as no, or no significant impact upon the private, voluntary or public sector is foreseen. An Explanatory Memorandum has been published alongside this instrument atwww.legislation.gov.uk.
The Department for the Economy is the appropriate national authority by virtue of paragraph 2(4)(c) of Schedule 14 to the Corporate Insolvency and Governance Act 2020.