Part 7Registered social landlords: insolvency etc.
Implementing proposals
87Manager of registered society: extra powers
1
This section applies where a manager is appointed to implement proposals relating to a registered social landlord which is a registered society.
2
The manager may make and execute, on behalf of the society—
a
an instrument providing for the amalgamation of the society with another registered society (“amalgamation instrument”), or
b
an instrument transferring the society’s engagements.
3
An amalgamation instrument executed by a manager has the same effect as a resolution by the society under section 50 of the Co-operative and Community Benefit Societies and Credit Unions Act 1965 (c.12) (amalgamation of societies by special resolution).
4
An instrument transferring the engagements has the same effect as a transfer of engagements under section 51 or 52 of the Co-operative and Community Benefit Societies and Credit Unions Act 1965 (c.12) (and, in particular, has effect subject to section 54 of that Act).
5
The manager must send a copy of the instrument (signed by the manager) to the Financial Services Authority.
6
The copy instrument must be registered by that Authority and the instrument does not take effect until the copy is so registered.
7
A copy instrument must be sent for registration within 14 days of execution (but a copy registered after that period is valid).