2.6.6 Converting between society forms
A co-operative society registered before the commencement of the Co-operative and Community Benefit Societies Act 2014 on 1 August 2014, may convert to a community benefit society without having to register a new society, but not vice versa.
From 1 August 2014 onwards societies are registered as co-operative societies or community benefit societies and cannot convert from one form to another. Instead any society wanting to change its society form would need to register a new society and be allowed to transfer its engagements to this new entity. A community benefit society with a prescribed asset lock would not be allowed to transfer its engagements to a co-operative society, and it is unlikely that the FCA would allow a community benefit society without the prescribed asset lock to do so either.
A community benefit society with the prescribed asset lock cannot become a charitable community benefit society because the prescribed asset lock is unsuitable for a charity and cannot be changed (see Section 2.4). A community benefit society with a voluntary asset lock could revise its rules to meet the requirements for a charitable community benefit society.
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