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Friendly Societies Act 1974

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84 Conversion of registered societies into companies.E+W+S+N.I.

(1)A registered society may by special resolution determine to convert itself into a company under [F1the Companies Act 2006].

(2)If a special resolution for converting a registered society into a company contains the particulars [F2required by subsection (1) of section 8 of the Companies Act 2006] to be contained in the memorandum of association of a company and a copy thereof has been registered [F3by the [F4FCA]], a copy of that resolution under the seal and stamp of the [F4FCA] shall have the same effect as a memorandum of association duly [F5authenticated as required by subsection (2) of that section].

(3)Subject to subsection (4) below, if a registered society is registered as a company under [F6the Companies Act 2006], the registration of that society under this Act shall thereupon become void and shall be cancelled by the [F4FCA].

(4)Registration of a registered society as a company shall not affect any right or claim subsisting against the society or any penalty incurred by the society; and—

(a)for the purpose of enforcing any such right, claim or penalty, the society may be sued and proceeded against in the same manner as if it had not become registered as a company; and

(b)every such right or claim, or the liability to any such penalty, shall have priority as against the property of the company over all other rights or claims against or liabilities of the company.

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Amendments (Textual)

F3Words in s. 84(2) substituted (17.8.2001 for certain purposes and otherwise 1.12.2001) by S.I. 2001/2617, arts. 2, 8, 13(1), Sch. 3 Pt. I para. 29(a)(i)(ii) (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

Modifications etc. (not altering text)

C1By Friendly Societies Act 1992 (c. 40), s. 95, Sch. 16 para. 31 (with ss. 7(5) and 93(4)); S.I. 1993/2213, art. 2, Sch. 2, it is provided that s. 84 shall cease to apply (13.9.1993) to registered friendly societies.

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