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.