Part 2Community interest companies
Requirements
32F1Articles of association
(1)
The F2articles of a community interest company must state that the company is to be a community interest company.
F3(2)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)
The F4articles of a community interest company of any description—
(a)
must at all times include such provisions as regulations require to be included in the F4articles of every community interest company or a community interest company of that description, and
(b)
must not include such provisions as regulations require not to be so included.
(4)
The provisions required by regulations under subsection (3)(a) to be included in the F5articles of a community interest company may (in particular) include—
(a)
provisions about the transfer and distribution of the company’s assets (including their distribution on a winding up),
(b)
provisions about the payment of interest on debentures issued by the company or debts of the company,
(c)
provisions about membership of the company,
(d)
provisions about the voting rights of members of the company,
(e)
provisions about the appointment and removal of directors of the company, and
(f)
provisions about voting at meetings of directors of the company.
(5)
The F6articles of a community interest company are of no effect to the extent that they—
(a)
are inconsistent with provisions required to be included in the F7articles of the company by regulations under subsection (3)(a), or
(b)
include provisions required not to be included by regulations under subsection (3)(b).
(6)
Regulations may make provision for and in connection with restricting the ability of a community interest company F8to amend its articles so as to add, remove or alter a statement of the company’s objects.