Housing and Planning Act 2016

26 For section 163 substitute—

“163 Registered society: restructuring

(1) This section applies to a non-profit registered provider which is a registered society.

(2) The registered provider must notify the regulator of any resolution passed by the society for the purposes of the restructuring provisions listed in subsection (4).

(3) The Financial Conduct Authority may register the resolution only if the registered provider has confirmed to the Financial Conduct Authority that the regulator has been notified.

(4) The following provisions of the Co-operative and Community Benefit Societies Act 2014 are the restructuring provisions—

(a) section 109 (amalgamation of societies);

(b) section 110 (transfer of engagements between societies);

(c) section 112 (conversion of society into a company etc).

(5) The regulator must decide whether the body created or to whom engagements are transferred (“the new body”) is eligible for registration under section 112.

(6) If the new body is eligible for registration, the regulator must register it and designate it as a non-profit organisation.

(7) If the new body is not eligible for registration, the regulator must notify it of that fact.

(8) 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.”