Section 150A | Meaning of “qualifying housing co-operative” ^F1

(1)A company is a “qualifying housing co-operative” for the purposes of section 150(3A) on any day if on that day—

(a)it is a housing association within the meaning of—

(i)the Housing Associations Act 1985, or

(ii)Part 2 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15)),

(b)it is a registered society within the meaning of—

(i)the Co-operative and Community Benefit Societies Act 2014, or

(ii)the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969, and

(c)the rules of the association comply with subsection (2).

(2)The rules of the association—

(a)must restrict membership to persons who are tenants, or prospective tenants, of the association,

(b)must preclude the granting or assignment of tenancies to persons other than members,

(c)must prevent members from transferring any of their shares,

(d)must prevent members from receiving any more than the nominal value of their shares on a return of share capital, and

(e)must confer on members equal voting rights.