Section 255 AmalgamationI1

England and Wales

(1)

This section applies if as a result of an inquiry under section 206 or an audit under section 210 the regulator is satisfied that—

(a)

the affairs of a non-profit registered provider which is F1a registered society have been mismanaged in relation to social housing, F2...

(b)

the management of social housing owned by a non-profit registered provider which is a registered society would be improved if the provider were amalgamated with another F3registered society F4, or

(c)

the registered provider has failed to meet a standard under section 193, 194 or 194C.

(2)

The regulator may make and execute on behalf of the society an instrument providing for the amalgamation of the society with another registered society.

(3)

The regulator may act under subsection (2) only with the Secretary of State's consent.

(4)

An instrument providing for the amalgamation of a society (“S1”) with another has the same effect as a resolution by S1 under F5section 109 of the Co-operative and Community Benefit Societies Act 2014 (amalgamation of societies by special resolution).

(5)

A copy of an instrument shall be sent to and registered by the F6Financial Conduct Authority.

(6)

An instrument does not take effect until the copy is registered.

(7)

The copy must be sent for registration during the period of 14 days beginning with the date of execution; but a copy registered after that period is valid.

(8)

Any body created by virtue of an amalgamation—

(a)

must be registered by the regulator and designated as a non-profit organisation, and

(b)

pending registration shall be treated as registered and designated as a non-profit organisation.

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. 122 (with Sch. 5)
F2: Word in s. 255(1)(a) omitted (1.4.2024) by virtue of Social Housing (Regulation) Act 2023 (c. 36), s. 46(3), Sch. 3 para. 12(a); S.I. 2024/437, reg. 2(y)
F3: Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 123 (with Sch. 5)
F4: S. 255(1)(c) and word inserted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), s. 46(3), Sch. 3 para. 12(b); S.I. 2024/437, reg. 2(y)
F5: Words in s. 255(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 133 (with Sch. 5)
F6: Words in s. 255(5) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 8(2), (3)(f) (with Sch. 12)

Commencement

I1: S. 255 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)

Notes on Part 2

Modifications

C1: Pt. 2 modified (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 16 para. 69(2); S.I. 2012/628, art. 6(i) (with arts. 9 11 14 15 17)