Paragraph 25 I1

For section 161 substitute—

“Company: conversion into registered society

161

(1)

This section applies to a non-profit registered provider which is a registered company.

(2)

The registered provider must notify the regulator of any resolution under section 115 of the Co-operative and Community Benefit Societies Act 2014 for converting the registered provider into a registered society.

(3)

The registrar of companies may register a resolution under that section only if the registered provider has confirmed to the registrar that the regulator has been notified.

(4)

The regulator must decide whether the new body is eligible for registration under section 112.

(5)

If the new body is eligible for registration, the regulator must register it and designate it as a non-profit organisation.

(6)

If the new body is not eligible for registration, the regulator must notify it of that fact.

(7)

Pending registration, or notification that it is not eligible for registration, the new body is to be treated as if it were registered and designated as a non-profit organisation.”