for subsection (1) substitute—

“(1)

An amendment to a CIO’s constitution which would make a regulated alteration—

(a)

requires the prior written consent of the Commission, and

(b)

cannot take effect if such consent has not been obtained.”;

after subsection (2) insert—

“(2A)

In considering whether to consent to an alteration falling within subsection (2)(a) the Commission must have regard to—

(a)

the purposes of the CIO when it was established, if and so far as they are reasonably ascertainable,

(b)

the desirability of securing that the purposes of the CIO are, so far as reasonably practicable, similar to the purposes being altered, and

(c)

the need for the CIO to have purposes which are suitable and effective in the light of current social and economic circumstances.”

after subsection (1) insert—

“(1A)

An amendment to a CIO’s constitution that makes a regulated alteration falling within section 226(2)(a) takes effect—

(a)

when it is registered by the Commission, or

(b)

if later, on the date specified for that purpose in the resolution containing the amendment.

(1B)

Any other amendment to a CIO’s constitution takes effect (whatever the date on which the amendment is registered by the Commission)—

(a)

on the date the resolution containing it is passed, or

(b)

if a later date is specified for that purpose in the resolution containing the amendment, on that later date.

(1C)

Subsections (1A) and (1B) are subject to section 226(1).”;