5.—(1) On and after the appointed day a local authority may not hold or exercise any local authority voting rights in relation to a registered social landlord.
(2) Where the constitution of a registered social landlord provides for local authority voting rights, that landlord must by the appointed day amend that constitution to re‑assign those voting rights amongst the remaining voting membership in proportion to each member’s existing share of the voting rights.
(3) Where a constitution has not been amended in accordance with paragraph (2) by the appointed day, such voting rights are deemed from that date to have been re‑assigned amongst the remaining voting membership in proportion to each member’s existing share of the voting rights.
(4) In this regulation “local authority voting rights” means the voting rights of the local authority itself as a member of the registered social landlord.