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(1)If OSCR grants an application under section 54(1) it must enter the SCIO to which the application relates in the Register.
(2)On the entry in the Register being made in accordance with subsection (5), subsections (3) and (4) apply.
(3)The SCIO becomes by virtue of this subsection a body corporate—
(a)whose constitution is that proposed in the application,
(b)whose name is that specified in the constitution, and
(c)whose first members are the individuals who made the application.
(4)All property for the time being vested in those individuals (or any of them) on trust for the charitable purposes of the SCIO (when constituted) vests by virtue of this subsection in the SCIO.
(5)The entry for the SCIO in the Register must (in addition to the matters required by section 3(3)) include—
(a)the date when the entry was made, and
(b)a note stating that the charity is constituted as a SCIO.
(6)OSCR must send a copy of the entry in the Register to the SCIO at its principal office.
(7)If a SCIO ceases to be a charity, it ceases to be a SCIO.
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Text created by the Scottish Executive department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Acts of the Scottish Parliament except those which result from Budget Bills
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