Co-operative and Community Benefit Societies Act 2014 (c. 14)

Part 9 E+W+S Amalgamations, conversions, dissolution etc

Conversion of company into society E+W+S

116 Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount E+W+S

(1) This section applies in relation to a resolution under section 115 where the nominal value of the company's shares held by a member other than a registered society exceeds the amount specified in section 24(1) (maximum shareholding).

(2) The resolution may provide for the conversion of the shares representing that excess into a transferable loan stock—

(a) bearing such rate of interest as may be fixed, and

(b) repayable on such conditions as are determined by the resolution.

Modifications etc. (not altering text)

C1 S. 116 excluded by 1979 c. 34, s. 23(5) (as inserted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 13(4) (with Sch. 5))