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(1)This section applies where a manager is appointed to implement proposals relating to a registered social landlord which is a registered society.
(2)The manager may make and execute, on behalf of the society—
(a)an instrument providing for the amalgamation of the society with another registered society (“amalgamation instrument”), or
(b)an instrument transferring the society’s engagements.
(3)An amalgamation instrument executed by a manager has the same effect as a resolution by the society under section 50 of the Co-operative and Community Benefit Societies and Credit Unions Act 1965 (c.12) (amalgamation of societies by special resolution).
(4)An instrument transferring the engagements has the same effect as a transfer of engagements under section 51 or 52 of the Co-operative and Community Benefit Societies and Credit Unions Act 1965 (c.12) (and, in particular, has effect subject to section 54 of that Act).
(5)The manager must send a copy of the instrument (signed by the manager) to the Financial Services Authority.
(6)The copy instrument must be registered by that Authority and the instrument does not take effect until the copy is so registered.
(7)A copy instrument must be sent for registration within 14 days of execution (but a copy registered after that period is valid).
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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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