6. Section 61(1) (conversion into, or transfer of engagements to, company) shall apply to a prescribed community benefit society that has a restriction on use as if, for subsection (1), there were substituted—
“(1) A registered society may by special resolution determine to convert itself into, or transfer its engagements to—
(a)a company to be formed and registered under the Companies (Northern Ireland) Order 1986 that is a registered housing association (within the meaning in the Community Benefit Societies (Restriction on Use of Assets) Regulations (Northern Ireland) 2006); or
(b)a company to be formed and registered under the Companies (Northern Ireland) Order 1986 that is a charity (within the meaning of those Regulations).”.
Section 61 amended by S.I. 1986/1035 (N.I. 9) and S.I. 2006/314 (N.I. 3)