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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)If OSCR grants an application for conversion, it must—
(a)enter the SCIO in the Register,
(b)send to the appropriate registrar a copy of each of the resolutions of the converting company or registered society referred to in section 56(5) and a copy of the entry in the Register relating to the SCIO, and
(c)once the SCIO’s constitution as a SCIO has taken effect, remove from the Register the entry for the converting company or registered society.
(2)The entry for the SCIO in the Register must, for so long as its constitution as a SCIO has not yet taken effect, include a note stating that fact.
(3)If the appropriate registrar—
(a)registers the documents sent under subsection (1)(b), and
subsections (4) and (5) apply.
(4)The company or registered society is by virtue of this subsection converted into a SCIO, being a body corporate—
(a)whose constitution is that proposed in the application for conversion,
(b)whose name is that specified in the constitution, and
(c)whose first members are the members of the converting company or society immediately before the moment of conversion.
(5)All property, rights and liabilities of the converting company or registered society become by virtue of this subsection the property, rights and liabilities of the SCIO.
(6)The entry for the SCIO in the Register must include—
(a)a note stating that the charity is constituted as a SCIO,
(b)the date on which it became so constituted, and
(c)a note of the name of the company or society which was converted into the SCIO.
(7)In section 57 and in this section, the “appropriate registrar” means—
(a)in the case of an application for conversion by a company, the registrar of companies (within the meaning of the Companies Act 1985 (c. 6)),
(b)in the case of an application for conversion by a registered society, the Financial Services Authority.
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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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