Part 2Regulation of Social Housing

Chapter 4Registered providers

Restructuring and dissolution

163Industrial and provident society: restructuring

1

This section applies to a non-profit registered provider which is an industrial and provident society.

2

The Financial Services Authority may register a resolution passed by the society for the purposes of restructuring provisions listed in subsection (3) only if—

a

the regulator has consented to the resolution, and

b

a copy of the consent accompanies the resolution as sent to the Authority.

3

The following provisions of the Industrial and Provident Societies Act 1965 (c. 12) are the restructuring provisions—

a

section 50 (amalgamation of societies),

b

section 51 (transfer of engagements between societies), and

c

section 52 of that Act (conversion into or amalgamation with registered company).

4

Where a resolution is registered in accordance with subsection (2), any body created or to whom engagements are transferred—

a

must be registered by the regulator and designated as a non-profit organisation, and

b

pending registration shall be treated as registered and designated as a non-profit organisation.