A company registered under the Companies Acts may by special resolution determine to convert itself into a registered society.
The resolution must—
The appointed members and the company's secretary (or, if it has no secretary, a director of the company) must sign the rules.
The resolution must provide either—
A copy of the special resolution and the society's rules must be sent to the FCA.
On registering the society under this Act, the FCA must (in addition to giving it an acknowledgement of registration under section 3) give it a certificate similarly sealed or signed that the society's rules have been registered.
The name under which the company is registered as a registered society must not include the word "company".
A copy of the special resolution and the FCA's certificate must be sent to the registrar of companies, for registration by the registrar.
The conversion takes effect on the registrar registering the resolution and certificate.
On the conversion taking effect, the company's registration under the Companies Acts becomes void and the registrar must cancel the registration.