163Registered society: restructuring

1

This section applies to a non-profit registered provider which is a registered society.

2

The registered provider must notify the regulator of any resolution passed by the society for the purposes of the restructuring provisions listed in subsection (4).

3

The Financial Conduct Authority may register the resolution only if the registered provider has confirmed to the Financial Conduct Authority that the regulator has been notified.

4

The following provisions of the Co-operative and Community Benefit Societies Act 2014 are the restructuring provisions—

a

section 109 (amalgamation of societies);

b

section 110 (transfer of engagements between societies);

c

section 112 (conversion of society into a company etc).

5

The regulator must decide whether the body created or to whom engagements are transferred (“the new body”) is eligible for registration under section 112.

6

If the new body is eligible for registration, the regulator must register it and designate it as a non-profit organisation.

7

If the new body is not eligible for registration, the regulator must notify it of that fact.

8

Pending registration, or notification that it is not eligible for registration, the new body is to be treated as if it were registered and designated as a non-profit organisation.