15HAmalgamation

1

This paragraph applies if as a result of an inquiry under paragraph 20 or an audit under paragraph 22, the Welsh Ministers are satisfied that—

a

there has been misconduct or mismanagement in the affairs of a registered social landlord which is an industrial and provident society, or

b

the management of the affairs of a registered social landlord which is an industrial and provident society would be improved if the landlord were amalgamated with another industrial and provident society.

2

But this paragraph does not apply where—

a

the misconduct or mismanagement relates only to the registered social landlord’s provision of housing in England, or

b

the amalgamation would improve the management of the registered social landlord’s affairs only in relation to housing in England.

3

The Welsh Ministers may make and execute on behalf of the society an instrument providing for the amalgamation of the society with another industrial and provident society.

4

An instrument providing for the amalgamation of a society (“S1”) with another has the same effect as a special resolution by S1 under section 50 of the Industrial and Provident Societies Act 1965 (amalgamation of societies by special resolution).

5

A copy of an instrument must be sent to and registered by the Financial Services Authority.

6

An instrument does not take effect until the copy is registered.

7

The copy must be sent for registration during the period of 14 days beginning with the date of execution; but a copy registered after that period is valid.

8

Any body created by virtue of an amalgamation must be registered as a social landlord by the Welsh Ministers, and pending registration is to be treated as registered.