Regulation 10 Effect of registration becoming final

(1)

Upon the cancellation by the registrar of the registration of the CIC under regulation 8(3)(b), the CIC is converted into a CIO, a body corporate—

(a)

whose constitution is that proposed in the application for CIC conversion;

(b)

whose name is that specified in the constitution; and

(c)

whose first members are the members of the converting CIC immediately before the moment of conversion.

(2)

If the converting CIC had a share capital—

(a)

upon the conversion of the CIC, all its shares are cancelled; and

(b)

no former holder of any cancelled share has any right in respect of it after its cancellation.

(3)

Paragraph (2) does not affect any right which accrued in respect of a share before its cancellation.

(4)

The conversion of a CIC into a CIO does not affect any liability to which the CIC was subject before it converted into a CIO.