{
  "url": "https://openlegislation.uk/co-operative-and-community-benefit-societies-act-2014/section-116",
  "json_url": "https://openlegislation.uk/co-operative-and-community-benefit-societies-act-2014/section-116.json",
  "legislation": "ukpga/2014/14",
  "legislation_title": "Co-operative and Community Benefit Societies Act 2014",
  "legislation_url": "https://openlegislation.uk/co-operative-and-community-benefit-societies-act-2014",
  "path": "section/116",
  "kind": "section",
  "number": "116",
  "heading": "Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount",
  "text": "(1) This section applies in relation to a resolution under section 115 where the nominal value of the company's shares held by a member other than a registered society exceeds the amount specified in section 24(1) (maximum shareholding).\n(2) The resolution may provide for the conversion of the shares representing that excess into a transferable loan stock—\n(a) bearing such rate of interest as may be fixed, and\n(b) repayable on such conditions as are determined by the resolution.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "C",
      "label": "C1",
      "text": "S. 116 excluded by 1979 c. 34, s. 23(5) (as inserted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 13(4) (with Sch. 5))"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2014/14/section/116",
    "retrieved_at": "2026-10-29T09:07:41.913207+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}