Part 2Community interest companies

Introductory

26Community interest companies

(1)

There is to be a new type of company to be known as the community interest company.

(2)

In accordance with this Part—

(a)

a company limited by shares or a company limited by guarantee and not having a share capital may be formed as or become a community interest company, and

(b)

a company limited by guarantee and having a share capital may become a community interest company.

(3)

A community interest company established for charitable purposes is to be treated as not being so established and accordingly—

(a)

is not F1an English charity or a Northern Ireland charity, and

(b)

must not be F2entered in the Scottish Charity Register.