SCHEDULE 11ATRANSFERABLE SECURITIES
PART 2
7
(1)
Transferable securities issued by a body specified in sub-paragraph (2) if, and only if, the proceeds of the offer of the transferable securities to the public will be used solely for the purposes of the issuer's objectives.
(2)
The bodies are
(a)
a charity within the meaning of—
(i)
section 96(1) of the Charities Act 1993 (c. 10), or
(ii)
section 35 of the Charities Act (Northern Ireland) 1964 (c. 33 (N.I.));
(b)
a recognised body within the meaning of section 1(7) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40);
(c)
a housing association within the meaning of—
(i)
section 5(1) of the Housing Act 1985 (c. 68),
(ii)
section 1 of the Housing Associations Act 1985 (c. 69), or
(iii)
Article 3 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15));
(d)
an industrial and provident society registered in accordance with—
(i)
section 1(2)(b) of the Industrial and Provident Societies Act 1965 (c. 12), or
(ii)
section 1(2)(b) of the Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24 (N.I.));
(e)
a non-profit making association or body recognised by an EEA State with objectives similar to those of a body falling within any of sub-paragraphs (a) to (d).