Corporation Tax Act 2010

653 Approval of self-build societies U.K.

(1) The power to approve self-build societies for the purposes of this Chapter is exercisable—

(a) in relation to England and Scotland, by the Secretary of State,

(b) in relation to Wales, by the Welsh Ministers, and

(c) in relation to Northern Ireland, by the Department for Social Development.

(2) The authority mentioned in subsection (1) must not approve a self-build society unless it is satisfied that the society—

(a) is registered, or treated as being registered, as mentioned in subsection (3),

(b) satisfies any other requirements prescribed by or under regulations under section 657, and

(c) will comply with any conditions that may be prescribed by or under regulations under that section.

(3) The reference in subsection (2)(a) is to registration—

(a) under [F1 the Co-operative and Community Benefit Societies Act 2014] (if the power is exercisable by the Secretary of State or the Welsh Ministers), or

(b) under the Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24 (N.I.)) (if the power is exercisable by the Department for Social Development).

(4) An approval given for the purposes of this Chapter—

(a) has effect from the date specified by the approving authority (which may be earlier or later than the date on which the approval is given), and

(b) may be revoked by the approving authority.

(5) See also paragraph 81 of Schedule 2 (concurrent exercise by the Secretary of State of certain functions exercisable by the Welsh Ministers).

Textual Amendments

F1 Words in s. 653(3)(a) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 161 (with Sch. 5)