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Paragraph 3 F1

Where an institution is formed as a partnership, then—

(a)

in these Regulations, and

(b)

in the CDD(NI)O 2002 as applied and modified by these Regulations,

references to the things in the first column of Table 1 are to be read in accordance with the corresponding modification in the second column.

Table 1

ReferenceModification
References to companiesTo be read as if they were references to partnerships.
References to the registrar of companiesTo be omitted.
References to shares of a company

To be read as if they were—

  1. (a)

    in relation to a partnership with capital, to rights to share in that capital, and

  2. (b)

    in relation to a partnership without capital, to interests—

    1. (i)

      conferring any right to share in the profits or liability to contribute to the losses of the partnership, or

    2. (ii)

      giving rise to an obligation to contribute to the debts or expenses of the partnership in the event of special administration.

Other references appropriate to companiesTo be read as if they were to the corresponding persons, officers, documents or organs (as the case may be) appropriate to a partnership.

Annotations

Textual amendments

F1

Sch. 2A inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2