PART II N.I. RESTRICTION ON USE OF ASSETS

Effect of restriction on use of assets N.I.

3.  A prescribed community benefit society which has a restriction on use may not use or deal with its assets except in a case mentioned in Article 9(2) of the 2006 Order

Commencement Information

I1 Reg. 3 in operation at 31.7.2006, see reg. 1

Procedure for imposition of restriction on use N.I.

4.—(1) A restriction on use may be included in the rules of a prescribed community benefit society at the time when it is registered under the 1969 Act or may be adopted by the society in accordance with paragraph (2).

(2) A prescribed community benefit society may by special resolution amend its rules so as to adopt a restriction on use and, for this purpose, “special resolution” has the same meaning as in section 59 of the 1969 Act (amalgamation of societies).

Commencement Information

I2 Reg. 4 in operation at 31.7.2006, see reg. 1