Part 10Charitable companies etc.
Restrictions on alteration of objects
197Alteration of objects by bodies corporate and charitable status
1
Subsection (2) applies where a charity—
a
is a company or other body corporate, and
b
has power to alter the instruments establishing or regulating it as a body corporate.
2
No exercise of the power which has the effect of the body ceasing to be a charity is valid so as to affect the application of—
a
any property acquired under any disposition or agreement previously made otherwise than for full consideration in money or money's worth, or any property representing property so acquired,
b
any property representing income which has accrued before the alteration is made, or
c
the income from any such property.