Part 2Regulation of Social Housing
Chapter 6Regulatory powers
Management and constitution
212Industrial and provident society: change of rules
1
This section applies to an industrial and provident society.
2
An amendment of the society’s rules requires consent if it—
a
alters the society’s objects,
b
makes provision about the distribution of assets to members, or
c
enables the society to become, or cease to be, a subsidiary or associate of another body.
3
An amendment of the rules which requires consent is effective only if the regulator has first consented.
4
The regulator may not consent to an amendment which it thinks would turn the society into a profit-making organisation.
5
The society must notify the regulator of an amendment of the rules which does not require consent.
6
In relation to an amendment which requires consent the requirement in section 10(1) of the Industrial and Provident Societies Act 1965 (c. 12) (sending copies of amendment of rules to FSA) is satisfied only if the copies are accompanied by a copy of the regulator’s consent.
7
The preceding provisions of this section shall be treated as if they formed part of that Act as well as of this Act.
8
The Secretary of State may by order amend the list in subsection (2).