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- Original (As enacted)
This is the original version (as it was originally enacted).
(1)A SCIO may resolve that all its property, rights and liabilities should be transferred to another SCIO specified in the resolution.
(2)Where a SCIO has passed such a resolution, it must send to OSCR—
(a)a copy of the resolution, and
(b)a copy of a resolution of the transferee SCIO agreeing to the transfer to it.
(3)A resolution referred to in subsections (1) and (2)(b) must be passed—
(a)by a two-thirds majority of those voting at a general meeting of the SCIO (including those voting by proxy or by post, if voting that way is permitted), or
(b)unanimously by the SCIO’s members, otherwise than at a general meeting.
(4)The resolution referred to in subsection (1) does not take effect until confirmed by OSCR.
(5)If OSCR confirms the resolution—
(a)all the property, rights and liabilities of the transferor SCIO become by virtue of this subsection the property, rights and liabilities of the transferee SCIO in accordance with the resolution,
(b)the transferor SCIO is dissolved, and
(c)OSCR must remove from the Register the entry for the transferor 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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