(1)Section 268 (resolution to transfer all property) applies to a charity if—
(a)(subject to subsection (2)) its gross income in its last financial year did not exceed £10,000,
(b)it does not hold any designated land, and
(c)it is not a company or other body corporate.
“Designated land” means land held on trusts which stipulate that it is to be used for the purposes, or any particular purposes, of the charity.
(2)Subsection (1)(a) does not apply in relation to a resolution by the charity trustees of a charity—
(a)to transfer all its property to a CIO, or
(b)to divide its property between two or more CIOs.
(3)Where a charity has a permanent endowment, sections 268 to 272 have effect in accordance with sections 273 and 274.
(4)In sections 268 to 274 references to the transfer of property to a charity are references to its transfer—
(a)to the charity,
(b)to the charity trustees,
(c)to any trustee for the charity, or
(d)to a person nominated by the charity trustees to hold it in trust for the charity,
as the charity trustees may determine.