Section 38 - Existing companies: decisions etc
234.This section sets out the process through which the Regulator will determine whether an existing company seeking to become a CIC is eligible to do so. Once the Regulator has made his decision, he must give notice to the registrar of companies. Any alterations to the company’s memorandum and articles, as made by the special resolutions submitted with the application to become a CIC, will only be recorded and take effect once the Regulator has decided that the company is eligible to become a CIC and the registrar of companies has recorded its new name.