479. Amendment of Financial Holding Companies Act 2013

The Financial Holding Companies Act 2013 is amended —

by inserting, immediately after the words “Companies Act (Cap. 50)” in section 18(3), the words “or the Insolvency, Restructuring and Dissolution Act 2018”;

by inserting, immediately after the words “Companies Act (Cap. 50)” in section 24(3), the words “or the Insolvency, Restructuring and Dissolution Act 2018”;

by deleting the words “Division 5 of Part X of the Companies Act (Cap. 50) and may be wound up by the Court under the Companies Act” in section 52(2) and substituting the words “Part 10 of the Insolvency, Restructuring and Dissolution Act 2018 and may be wound up by the Court under the Insolvency, Restructuring and Dissolution Act 2018”;

by deleting paragraphs (a) and (b) of section 52(3) and substituting the following paragraph:“(a)in applying the provisions of the Insolvency, Restructuring and Dissolution Act 2018, any reference to the Registrar of Companies is to be read as a reference to the Registrar under the Co‑operative Societies Act 1979;”; and

by inserting, immediately after subsection (3) of section 52, the following subsection:“(3A) Despite subsection (2) and section 101 of the Co‑operative Societies Act 1979, in any winding up of a designated financial holding company that is a co‑operative society, section 344 of the Companies Act 1967 is applicable and in applying this provision —

any reference to the register under the Companies Act 1967 is to be read as a reference to the register of societies mentioned in section 10A(1)(a) of the Co‑operative Societies Act 1979; and

any reference to the Registrar under the Companies Act 1967 is to be read as a reference to the Registrar under the Co‑operative Societies Act 1979.”.