# Co-operative and Community Benefit Societies Act 2014, Section 116: Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount


(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).
(2) The resolution may provide for the conversion of the shares representing that excess into a transferable loan stock—
(a) bearing such rate of interest as may be fixed, and
(b) repayable on such conditions as are determined by the resolution.

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Source: https://www.legislation.gov.uk/ukpga/2014/14/section/116 (the official version)
Page: https://openlegislation.uk/co-operative-and-community-benefit-societies-act-2014/section-116
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.