(1)This section applies in relation to the voluntary winding up of the society under the Insolvency Act 1986.
(2)The society must consult its tenants in relation to the proposed voluntary winding up before passing a resolution for the winding up of the society.
(3)Such a resolution is valid only if—
(a)the society confirms that it consulted its tenants as mentioned in subsection (2), and
(b)a copy of the confirmation accompanies the copy resolution sent to the Financial Conduct Authority for the purposes of section 30 of the Companies Act 2006 (as applied by virtue of section 123 of the Co-operative and Community Benefit Societies Act 2014 and section 84(3) of the Insolvency Act 1986).
(4)The society must, as soon as reasonably practicable after sending the copy resolution to the Financial Conduct Authority, give notice of the voluntary winding up to the Regulator.
(5)The Regulator must issue guidance in relation to consultation for the purpose of subsection (2).
(6)A society must, in consulting tenants for that purpose, have regard to guidance issued under subsection (5).]
Textual Amendments
F1S. 98 substituted (8.3.2019) by Housing (Amendment) (Scotland) Act 2018 (asp 13), ss. 6(5), 11(2); S.S.I. 2018/253, reg. 2(2) (with reg. 8)
Commencement Information
I1S. 98 in force at 1.4.2012 by S.S.I. 2012/39, art. 2, Sch. 1 (with Sch. 2)