Structure of the Act Part 2 – Regulation of Social Housing Insolvency etc. Section 157 - Manager of industrial and provident society: extra powers
442.This section broadly replicates the effect of section 48 of the 1996 Act.
443.Subsection (1) specifies that this section applies to a manager appointed under section 155 to implement proposals where the registered provider is an industrial and provident society.
444.Subsection (2) specifies that the appointment of the manager may include the power to make and execute on behalf of the registered provider an instrument that has the effect of transferring its engagements, or providing for its amalgamation with another industrial and provident society.
445.Subsection (3) provides that an instrument for amalgamation has the same effect as a resolution under section 50 of the Industrial and Provident Societies Act 1965.
446.Subsection (4) provides that an instrument for transferring engagements has the same effect as a transfer of engagements under sections 51 and 52 of the Industrial and Provident Societies Act 1965.
447.Subsection (5)requires a copy of the instrument to be sent to and registered by the Financial Services Authority.
448.Subsection (6) specifies that the instrument does not take effect until the copy is registered.
449.Subsection (7) specifies that the copy must be sent to the Financial Services Authority for registration within 14 days of the execution of the instrument, but that the copy registered is not invalid if it is registered after that time.