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The Community Benefit Societies (Restriction on Use of Assets) Regulations (Northern Ireland) 2006

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5.  Section 60 (transfer of engagements between societies) shall apply to a prescribed community benefit society that has a restriction on use as if—

(a)at the beginning of subsection (1), for the word “Any” there were substituted “Subject to subsection (1A), any”; and

(b)after subsection (1), there were inserted—

(1A) A registered society that—

(a)is a prescribed community benefit society; and

(b)has a restriction on use,

may only transfer its engagements in accordance with subsection (1) where the effect of that transfer would be that the whole or any part of the society’s assets would be transferred to another registered society that is a prescribed community benefit society and has a restriction on use and, for this purpose, “prescribed community benefit society” and “restriction on use” have the same meaning as in the Community Benefit Societies (Restriction on Use of Assets) Regulations (Northern Ireland) 2006..

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