Section 653 — Corporation Tax Act 2010: Approval of self-build societies

Approval of self-build societies 653 1 The power to approve self-build societies for the purposes of this Chapter is exercisable—

a in relation to England and Scotland, by the Secretary of State, b in relation to Wales, by the Welsh Ministers, and c in relation to Northern Ireland, by the Department for Social Development.

2 The authority mentioned in subsection (1) must not approve a self-build society unless it is satisfied that the society—

a is registered, or treated as being registered, as mentioned in subsection (3),

b satisfies any other requirements prescribed by or under regulations under section 657, and c will comply with any conditions that may be prescribed by or under regulations under that section.

3 The reference in subsection (2)(a) is to registration—

a under the Co-operative and Community Benefit Societies Act 2014 (if the power is exercisable by the Secretary of State or the Welsh Ministers), or b under the Industrial and Provident Societies Act (Northern Ireland) 1969 (c. 24 (N.I.)) (if the power is exercisable by the Department for Social Development).

4 An approval given for the purposes of this Chapter—

a has effect from the date specified by the approving authority (which may be earlier or later than the date on which the approval is given),

and b may be revoked by the approving authority.

5 See also paragraph 81 of Schedule 2 (concurrent exercise by the Secretary of State of certain functions exercisable by the Welsh Ministers).