5Incorporation
(1)A DBE which is an unincorporated body may, if it has obtained the consent of the bishop of the diocese and the diocesan synod, take such steps as it considers necessary for securing its incorporation as a company limited by guarantee, or a CIO, which is capable of being registered in the register of charities.
(2)Where the Board of Finance is designated as the DBE for the diocese under section 3, the committee established under that section may, if it has obtained the consent of the bishop of the diocese, the diocesan synod and the Board of Finance, take such steps as it considers necessary for there to be a scheme under section 3 designating as the DBE for the diocese a company limited by guarantee, or a CIO, which is registered in the register of charities.
(3)The power under subsection (1) may be exercised before the first scheme is made under section 3 or subsequently.
(4)Any conflict of interest or loyalty which would or might arise on the incorporation of a DBE as a result of one or more of the charity trustees of the charity in its unincorporated form being charity trustees of the charity in its incorporated form is authorised by virtue of this subsection; but this subsection applies only where the value of the assets being transferred on the incorporation exceeds the amount of any liabilities being transferred.
(5)For the purposes of each of the following provisions, “trust corporation” includes a DBE which is a company limited by guarantee or CIO—
(a)section 117(1)(xxx) of the Settled Land Act 1925;
(b)paragraph (18) of section 68(1) of the Trustee Act 1925;
(c)section 205(1)(xxviii) of the Law of Property Act 1925;
(d)section 55(1)(xxvi) of the Administration of Estates Act 1925;
(e)section 128 of the Senior Courts Act 1981.
(6)In the case of a joint DBE which is an unincorporated body, subsection (1) has effect as if—
(a)the reference to the bishop of the diocese were a reference to the diocesan bishops concerned acting jointly, and
(b)the reference to the diocesan synod were a reference to each of the diocesan synods concerned.