Section 48 Powers of the manager: transfer of engagements.

England, Wales and Scotland

(1)

An order under section 46(1) may, where the landlord is F1a registered society, give the manager power to make and execute on behalf of the society an instrument transferring the engagements of the society.

(2)

Any such instrument has the same effect as a transfer of engagements under F2section 110 or 112 of the Co-operative and Community Benefit Societies Act 2014 (transfer of engagements by special resolution to another society or a company).

F3In particular, it does not prejudice any right of a creditor of the society.

(3)

A copy of the instrument, signed by the manager, shall be sent to the F4F5Financial Conduct Authority and registered by it; and until that copy is so registered the instrument shall not take effect.

(4)

It is the duty of the manager to send a copy for registration within 14 days from the day on which the instrument is executed; but this does not invalidate registration after that time.

Annotations

Textual amendments

F1: Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 56 (with Sch. 5)
F2: Words in s. 48(2) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 59(2) (with Sch. 5)
F3: Words in s. 48(2) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 59(3) (with Sch. 5)
F4: Words in s. 48(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 355
F5: Words in s. 48(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 5(1)(2)(e) (with Sch. 12)

Notes on Part I

Textual amendments

F1: Pt. I title substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 61(1), 325(1); S.I. 2010/862, art. 2 (with Sch.)
F2: Words in Pt. I title substituted (18.10.2011) by Housing (Wales) Measure 2011 (nawm 5), s. 90(2), Sch. para. 2; S.I. 2011/2475, arts. 1(2), 2(u)

Modifications

C1: Part I (ss. 1-64) amended (1.10.1996) by S.I. 1996/2325, art.3
C2: Pt. 1: The system of "registered social landlords" under this Part is replaced (8.9.2008 for specified purposes and 1.12.2008, 16.2.2009, 1.4.2009, 7.9.2009 and 1.4.2010 for further purposes) by Housing and Regeneration Act 2008 (c. 17), Pt. 2. This Part continues to apply in relation to Wales with certain provisions applied in relation to England and certain provisions preserved although they apply to England only, see s. 60 of the affecting Act; S.I. 2008/2358, art. 3; S.I. 2008/3068, art. 3 (with arts. 6-13); S.I. 2009/363, art. 2; S.I. 2009/803, art. 7; S.I. 2009/2096, art. 2(1); S.I. 2010/862, art. 2 (with Sch.)

Notes on Chapter IV

Textual amendments

F1: Words in Pt. I substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 82(1)(2) (with ss. 139(2), 141(1), 143(2)); S.I. 1998/2244, art.5.