255AmalgamationE+W
(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.
Textual Amendments
F1Words in s. 255(5) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 8(2), (3)(f) (with Sch. 12)
Commencement Information
I1S. 255 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)