Can we take over an existing community bank account
Patrick MacLane
Admin, Ops, IT & Finance
Converting a charitable company to CIO
Edward Bainton Trustee at New Muslim Circle Posted 1 month ago
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Does anyone have any experience of the process of converting a charitable company to a CIO?
My understanding of the legislation is that it's not a very helpful provision: the effect of the conversion is that the CIO is a new body corporate, so it can't keep the same bank account, contracts, etc. There's no provision along the lines of the one for converting to a Community Benefit Society, where as far as third parties are concerned nothing has changed.
Does anyone use this route, in practice? Or have I missed something, and it's more useful than I realise?
Thanks.
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