9. Paragraph 49 is to have effect as if—
(a)in sub-paragraph (2)(b) for “objective mentioned in paragraph 3(1)(a) or (b) cannot be achieved” there were substituted “objectives of the housing administration should be achieved by means other than just a rescue of the registered society as a going concern”,
(b)sub-paragraph (3) were omitted,
(c)before sub-paragraph (4) there were inserted—
“(3A) Proposals under this paragraph may include provision for amending the society’s rules but only if the Financial Conduct Authority has issued a statement to the effect that it would register an amendment in the terms proposed if copies were given to it for registration in accordance with section 16 of the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”).
(3B) The proposals must not include any measure which would be contrary to the provisions of the 2014 Act or the Credit Unions Act 1979(1).
(3C) Sub-paragraph (3A) does not apply if the intended effect of the proposals is that the society will cease to be a registered society (within the meaning given by section 1(1) of the 2014 Act).”
(d)in sub-paragraph (4), after paragraph (a) there were inserted—
“(aa)to the Secretary of State and the Regulator of Social Housing,”.