Companies (Audit, Investigations and Community Enterprise) Act 2004 Explanatory Notes

Section 55 - Becoming a charity or a Scottish charity:  decisions etc.

262.This section sets out the process through which the Regulator will decide whether a CIC seeking to become a charity or Scottish charity is eligible to cease to be a CIC.  The company will not be eligible if the Regulator has exercised certain supervisory powers in respect of that CIC, and the exercise of those supervisory powers is still ongoing (subsection (4)).

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