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(1)Section 64 of the 1993 Act (alteration of objects clause etc.) is amended as follows.
(2)For subsection (2) substitute—
“(2)Where a charity is a company, any regulated alteration by the company—
(a)requires the prior written consent of the Commission, and
(b)is ineffective if such consent has not been obtained.
(2A)The following are “regulated alterations”—
(a)any alteration of the objects clause in the company’s memorandum of association,
(b)any alteration of any provision of its memorandum or articles of association directing the application of property of the company on its dissolution, and
(c)any alteration of any provision of its memorandum or articles of association where the alteration would provide authorisation for any benefit to be obtained by directors or members of the company or persons connected with them.
(2B)For the purposes of subsection (2A) above—
(a)“benefit” means a direct or indirect benefit of any nature, except that it does not include any remuneration (within the meaning of section 73A below) whose receipt may be authorised under that section; and
(b)the same rules apply for determining whether a person is connected with a director or member of the company as apply, in accordance with section 73B(5) and (6) below, for determining whether a person is connected with a charity trustee for the purposes of section 73A.”
(3)In subsection (3) (documents required to be delivered to registrar of companies), for “any such alteration” substitute “a regulated alteration”.
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