Valid from 01/04/2010
163Industrial and provident society: restructuringE+W
(1)This section applies to a non-profit registered provider which is an industrial and provident society.
(2)The Financial Services Authority may register a resolution passed by the society for the purposes of restructuring provisions listed in subsection (3) only if—
(a)the regulator has consented to the resolution, and
(b)a copy of the consent accompanies the resolution as sent to the Authority.
(3)The following provisions of the Industrial and Provident Societies Act 1965 (c. 12) are the restructuring provisions—
(a)section 50 (amalgamation of societies),
(b)section 51 (transfer of engagements between societies), and
(c)section 52 of that Act (conversion into or amalgamation with registered company).
(4)Where a resolution is registered in accordance with subsection (2), any body created or to whom engagements are transferred—
(a)must be registered by the regulator and designated as a non-profit organisation, and
(b)pending registration shall be treated as registered and designated as a non-profit organisation.