Co-operative and Community Benefit Societies Act 2014
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Change 1
116 Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount
(1) This section applies in relation to a resolution under section 115 where the nominal value of the company's shares held by a member other than a registered society exceeds the amount specified in section 24(1) (maximum shareholding). (2) The resolution may provide for the conversion of the shares representing that excess into a transferable loan stock— (a) bearing such rate of interest as may be fixed, and (b) repayable on such conditions as are determined by the resolution.
116 Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount
(1) This section applies in relation to a resolution under section 115 where the nominal value of the company's shares held by a member other than a registered society exceeds the amount specified in section 24(1) (maximum shareholding). (2) The resolution may provide for the conversion of the shares representing that excess into a transferable loan stock— (a) bearing such rate of interest as may be fixed, and (b) repayable on such conditions as are determined by the resolution.
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