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AI Summary of 116. Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2014 - onwards
Version 2 of 2

116. Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount

(1) This section applies in relation to a resolution under section 115 where the nominal value of the company's shares held by a member other than a registered society exceeds the amount specified in section 24(1) (maximum shareholding).

(2) The resolution may provide for the conversion of the shares representing that excess into a transferable loan stock -

(a) bearing such rate of interest as may be fixed, and

(b) repayable on such conditions as are determined by the resolution.

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