Part 11Charitable incorporated organisations (CIOs)
CHAPTER 4Conversion, amalgamation and transfer
Conversion of certain bodies to CIO
233Effect of registration becoming final
1
Upon the cancellation by the appropriate registrar of the registration of the company or of the registered society, the company or society is converted into a CIO, a body corporate—
a
whose constitution is that proposed in the application for conversion,
b
whose name is that specified in the constitution, and
c
whose first members are the members of the converting company or society immediately before the moment of conversion.
2
If the converting company or society had a share capital—
a
upon the conversion of the company or society all the shares are by virtue of this subsection cancelled, and
b
no former holder of any cancelled share has any right in respect of it after its cancellation.
3
Subsection (2) does not affect any right which accrued in respect of a share before its cancellation.
4
The conversion of a company or society into a CIO does not affect, in particular, any liability to which the company or society was subject by virtue of its being a charitable company or registered society.