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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 61

Conversion into, or transfer of engagements to, company.

61.(1) A registered society may by special resolution determine to convert
itself into a company to be formed and registered under the Companies Act
(Northern Ireland) 1960 or transfer its engagements to a company formed and
registered under the Companies Acts.

(2) If a special resolution for converting a registered society into a company
contains the particulars required by the Companies Act (Northern Ireland) 1960
to be contained in the memorandum of association of a company and a copy
thereof has been registered by the registrar, a copy of that resolution
bearing the signature of the registrar, shall have the same effect as a
memorandum of association duly signed and attested under the said Act of 1960.

(3) Subsections (2) to (5) of section 59 shall have effect for the purposes of
this section as they have effect for the purposes of that section but as if in
paragraph (a) of the said subsection (2) for the words "two-thirds" there were
substituted the words "three-fourths".

(4) Subject to subsection (6), if a registered society is converted into, or
transfers all its engagements to, a company under this section, the
registration of that society under this Act shall thereupon become void and,
subject to section 68(2), be cancelled by the registrar.

(5) If a registered society is converted into, or transfers its engagements
to, a company under this section, the property of the society, or so much of
the property of the society as is included in the transfer, shall vest in the
company without any conveyance or assignment.

(6) Registration of a registered society as a company shall not affect any
right or claim for the time being subsisting against the society or any
penalty for the time being incurred by the society; and

(a)for the purpose of enforcing any such right, claim or penalty, the society
may be sued and proceeded against in the same manner as if it had not become
registered as a company; and

(b)every such right or claim, or the liability to any such penalty, shall have
priority as against the property of the company over all other rights or
claims against or liabilities of the company.

© 1969 Crown Copyright

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