Clause 198 — Industrial and provident society: change of rules

Orders of the Day – in the House of Commons at 8:45 pm on 31st March 2008.

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Amendments made: No. 115, in page 78, line 23, leave out subsections (2) and (3) and insert—

'(2) An amendment of the society's rules requires consent if it—

(a) alters the society's objects,

(b) makes provision about the distribution of assets to members, or

(c) enables the society to become, or cease to be, a subsidiary or associate of another body.

(3) An amendment of the rules which requires consent is effective only if the regulator has first consented.

(3A) The regulator may not consent to an amendment which it thinks would turn the society into a profit-making organisation.

(3B) The society must notify the regulator of an amendment of the rules which does not require consent.'.

No. 116, line 28, at beginning insert

'In relation to an amendment which requires consent'.

No. 117, line 31, at beginning insert 'The preceding provisions of'.

No. 118, line 31, leave out 'it' and insert 'they'.

No. 119, line 31, at end insert—

'(6) The Secretary of State may by order amend the list in subsection (2).'. — [Liz Blackman.]

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