C1Part 2Regulation of Social Housing
Chapter 7Enforcement powers
Management etc.
I1255Amalgamation
1
This section applies if as a result of an inquiry under section 206 or an audit under section 210 the regulator is satisfied that—
a
the affairs of a non-profit registered provider which is an industrial and provident society have been mismanaged in relation to social housing, or
b
the management of social housing owned by a non-profit registered provider which is an industrial and provident society would be improved if the provider were amalgamated with another industrial and provident society.
2
The regulator may make and execute on behalf of the society an instrument providing for the amalgamation of the society with another industrial and provident society.
3
The regulator may act under subsection (2) only with the Secretary of State's consent.
4
An instrument providing for the amalgamation of a society (“S1”) with another has the same effect as a resolution by S1 under section 50 of the Industrial and Provident Societies Act 1965 (c. 12) (amalgamation of societies by special resolution).
5
A copy of an instrument shall be sent to and registered by the F1Financial Conduct Authority.
6
An instrument does not take effect until the copy is registered.
7
The copy must be sent for registration during the period of 14 days beginning with the date of execution; but a copy registered after that period is valid.
8
Any body created by virtue of an amalgamation—
a
must be registered by the regulator and designated as a non-profit organisation, and
b
pending registration shall be treated as registered and designated as a non-profit organisation.
Pt. 2 modified (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 16 para. 69(2); S.I. 2012/628, art. 6(i) (with arts. 911141517)