SCHEDULES
SCHEDULE 4Reducing social housing regulation
PART 2Restructuring and dissolution: removal of consent requirements etc
I125
For section 161 substitute—
161Company: conversion into registered society
1
This section applies to a non-profit registered provider which is a registered company.
2
The registered provider must notify the regulator of any resolution under section 115 of the Co-operative and Community Benefit Societies Act 2014 for converting the registered provider into a registered society.
3
The registrar of companies may register a resolution under that section only if the registered provider has confirmed to the registrar that the regulator has been notified.
4
The regulator must decide whether the new body is eligible for registration under section 112.
5
If the new body is eligible for registration, the regulator must register it and designate it as a non-profit organisation.
6
If the new body is not eligible for registration, the regulator must notify it of that fact.
7
Pending registration, or notification that it is not eligible for registration, the new body is to be treated as if it were registered and designated as a non-profit organisation.