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Housing and Regeneration Act 2008

Section 212 - Industrial and provident society:  change of rules

623.This section applies only to industrial and provident societies. Subsection (2) provides that an amendment of the society’s rules requires consent if it alters the society’s objects, provides about the distribution of assets to members, or enables the society to become, or cease to be, a subsidiary or associate of another body.

624.Subsection (3) provides that an amendment which requires consent is effective only if the regulator has first given consent in writing. Subsection (4) provides that the regulator may not consent to an amendment which it thinks would turn the society into a profit making organisation. Subsection (5) provides that a society must notify the regulator of any amendment which does not require consent.

625.Subsection (6) provides that, in relation to an amendment which requires consent, the requirement to send copies of amendments of rules to the Financial Services Authority under section 10(1) of the Industrial and Provident Societies Act 1965 is only satisfied if it is accompanied by a copy of the regulator’s consent under subsection (3).

626.Subsection (7) provides that this section shall also be treated as if it were part of the Industrial and Provident Societies Act.

627.Subsection (8) gives the Secretary of State power, by order, to amend the list in subsection (2).

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