(1) A company registered under the Companies Acts may by special resolution determine to convert itself into a registered society.

(2) The resolution must -

(a) be accompanied by a copy of the society's rules, and

(b) appoint 3 members of the company ("the appointed members") to perform the functions mentioned in subsections (3) and (4).

(3) The appointed members and the company's secretary (or, if it has no secretary, a director of the company) must sign the rules.

(4) The resolution must provide either -

(a) that the appointed members are authorised to accept any alterations to the rules made by the FCA without further consulting the company, or

(b) that the appointed members must lay any such alterations before the company in general meeting for acceptance.

(5) A copy of the special resolution and the society's rules must be sent to the FCA.