Ms Teodora Corcoran:

The Deputy is talking about the transition provisions. Mr. Shine mentioned that at the end of the transition period, the old legislation will be largely repealed. Any entity that has registered as an industrial and providence society - we think most of those registered are co-operative in nature but because the legislation does not specifically state they must be co-ops, some other entities have registered over the years - will have a choice to convert to a co-operative or to another corporate model, such as the companies model, by the end of the transition period if they do not intend to subscribe to the co-operative ethos and principles. They will also have the option to wind up or if they do not do any of those things they will be dissolved at the end of the transition period.