Part 2Leasehold reform
C1Chapter 1Right to manage
Qualifying rules
I173RTM companies
1
This section specifies what is a RTM company.
2
A company is a RTM company in relation to premises if—
a
it is a private company limited by guarantee, and
b
its F1articles of association state that its object, or one of its objects, is the acquisition and exercise of the right to manage the premises.
3
But a company is not a RTM company if it is a commonhold association (within the meaning of Part 1).
4
And a company is not a RTM company in relation to premises if another company is already a RTM company in relation to the premises or to any premises containing or contained in the premises.
5
If the freehold of any premises is conveyed or transferred to a company which is a RTM company in relation to the premises, or any premises containing or contained in the premises, it ceases to be a RTM company when the conveyance or transfer is executed.
Pt. 2 Ch. 1: power to amend conferred (20.1.2007 for specified purposes, otherwise 1.10.2009) by Companies Act 2006 (c. 46), ss. 1181(1)(b), 1300(2); S.I. 2006/3428, art. 3(3) (with arts. 5, 6, 8, Schs. 1, 5); S.I. 2008/2860, art. 3(v) (with arts. 5, 7, 8, Sch. 2)