[F197Restructuring of societyS
(1)This section applies in relation to a special resolution passed by the society for the purposes of a restructuring provision.
(2)Where the restructuring to which the special resolution relates is one to which section 96A applies, the Financial Conduct Authority may register the special resolution only if—
(a)the society confirms the matters mentioned in subsection (3), and
(b)a copy of the confirmation accompanies the copy special resolution sent to the Financial Conduct Authority for the purposes of the Co-operative and Community Benefit Societies Act 2014.
(3)Those matters are that, before the special resolution was passed—
(a)the society complied with sections 115 and 115A(1) (as applied by section 96A(3)), and
(b)a majority of tenants—
(i)voting in a ballot conducted under section 115A(1)(a) wish the restructuring to proceed, or, as the case may be,
(ii)whose written agreement to the restructuring was sought under section 115A(1)(b) have given that agreement.
(4)The society must, as soon as reasonably practicable after sending the copy special resolution to the Financial Conduct Authority (and, in a case to which subsection (2) applies, no later than 28 days after doing so), give notice of the restructuring to the Regulator.
(5)Any new body created, or to whom engagements are transferred, in pursuance of such a special resolution is to be included in the register (and is to be treated as so included pending such inclusion).]
Textual Amendments
F1S. 97 substituted (8.3.2019) by Housing (Amendment) (Scotland) Act 2018 (asp 13), ss. 6(4), 11(2); S.S.I. 2018/253, reg. 2(2) (with reg. 8)