FORMS TO BE DELIVERED TO THE REGULATOR OF COMMUNITY INTEREST COMPANIES
To convert a community interest company to an Industrial & Provident Society, which has a restriction on use of assets is a three-part process.
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Part 1
You must deliver to the Registrar of Companies the following documents:
1.
a copy of the special resolution determining to convert into a registered society which has a restriction on use of assets in accordance with the provisions of the Community Benefit Societies (Restriction on Use of Assets) Regulations (Northern Ireland) 2006. [If applicable, the resolution should provide for the conversion of shares representing the excess of the maximum permitted by section 6(1) of the Industrial and Provident Societies Act (Northern Ireland) 1969];
2.
a copy of the rules of the society; and
3.
a statement by authorised members of the company that, in its opinion, if those rules take effect, the company will become a registered society which has a restriction on use of assets in accordance with the provisions of the Community Benefit Societies (Restriction on Use of Assets) Regulations ( Northern Ireland) 2006.
On receiving of the above documents, the Registrar of Companies will forward the documents to the Regulator. The Regulator will decide whether the company is eligible to cease being a community interest and will send notice of the Regulator’s decision to the company.
Part 2
The Registrar of Industrial and Provident Societies will register the community interest company as a society if the following conditions are met:
1.
a copy of the resolution and a copy of the rules is delivered to the Registrar of Industrial and Provident Societies;
2.
a copy of the decision of the Regulator that the company is eligible to cease being a community interest company is delivered to the Registrar of Industrial and Provident Societies; and
3.
the company has a restriction on use of assets in accordance with the provisions of the Community Benefit Societies (Restriction on Use of Assets) Regulations ( Northern Ireland) 2006.
The Registrar of Industrial and Provident Societies, upon registration of the society, will give send the company an acknowledgement of registration and a certificate sealed or signed that the rules of the society referred to in the resolution have been registered.
Part 3
You must deliver to the Registrar of Companies:
1.
a copy of the resolution;
2.
a copy of the notice of the decision issued by the Regulator; and
3.
a copy of the certificate issued by the Registrar of Industrial and Provident Societies.
When the Registrar of Companies registers the resolution and certificate, the conversion will take effect.
Registrars’ Address:
Registrar of Companies ( Northern Ireland) |