C1Part I Charities
Miscellaneous
I114 Alteration of purposes and winding-up of charitable companies.
1
This section applies to a recognised body which may be wound up by the Court of Session under or by virtue of Parts IV or V of the M1Insolvency Act 1986.
2
Where a body to which this section applies has power to alter the instruments establishing or regulating it, it shall not alter any charitable purposes in those instruments except in such a way as will enable the body to continue to be granted an exemption from tax by the Commissioners of Inland Revenue under section 505(1) of the M2Income and Corporation Taxes Act 1988 (exemption from tax of charities).
3
Notwithstanding section 124 of the M3Insolvency Act 1986, a petition for the winding-up under section 122 of that Act of a body to which this section applies may be presented by the Lord Advocate to any court in Scotland having jurisdiction.
Pt. I (ss. 1-15): functions of the Lord Advocate transferred to the Secretary of State, and all property, rights and liabilities to which the Lord Advocate is entitled or subject in connection with any such function transferred to the Secretary of State for Scotland (19.5.1999) by S.I. 1999/678, arts. 2, 3, Sch. (with art. 7)