Cap. 630 Art. 8The contents of the statute.

(1) The contents of the statute of a social enterprise organisation shall be regulated by the law which is applicable to the particular legal form with such modifications as are stated in this Act and the relevant Schedule, as the case may be, and in the case of conflict, the applicable provisions of this Act and the relevant Schedule shall prevail.

(2) The statute of an applicant shall comply with the following requirements for it to be eligible for registration as a social enterprise organisation:

(a) the name of the social enterprise organisation shall comply with sub-article (3);

(b) the objects for which the social enterprise organisation is established shall state that the organisation is established for:

(i) the carrying out of an act of trade or other activity which is principally aimed, through the activity itself, towards the fulfilment of a social purpose for the benefit of the community and, in such case, the social purpose shall be expressly stated; or

(ii) the carrying out of an act of trade or other activity with the purpose of integrating into the labour market workers with a disability or disadvantaged workers;

(c) the statute shall also:

(i) state that the organisation is a social enterprise organisation in terms of this Act;

(ii) state that investments in the social enterprise organisation to receive profits shall not entitle any person to participate in more than an aggregate of twenty-five per cent (25%) of the profits of the social enterprise organisation as per article 5;

(iii) restrict the rights of participating shares, or contributions, or any interest as the case may be in the social enterprise organisation so as to comply with the provisions of this Act and a waiver of participating rights on dissolution and winding up;

(iv) provide for the manner in which the remaining assets, if any, of the social enterprise organisation shall devolve on dissolution and winding up, which provision shall comply with article 9.

(3) The social enterprise organisation shall be identifiable by a unique name which shall conform to the applicable law and which shall include the words "Social Enterprise" or "SEO" in its name.

(4) No other organisation shall be permitted to use the words "Social Enterprise" or the letters "SEO" in its name unless it is one which is registered in terms of this Act and any breach of this sub-article shall constitute an offence under this Act.

(5) The Regulator shall refuse registration if, to the best of his knowledge, the name of the applicant is already used by another social enterprise organisation or if the proposed name is offensive or is likely to deceive or be misleading:

Provided that in the event that a social enterprise organisation has been registered with a name which is already used by another social enterprise organisation, the Regulator shall request the social enterprise organisation which has been last registered to change its name.

(6) Additions or alterations to the statute of a social enterprise organisation shall be notified to the Regulator within fourteen days from the date of registration with the Registrar of the resolution or decision, which information shall be submitted to the Regulator together with any consolidated version of the statute filed with the Registrar.

Part IV Dissolution, Winding Up or Cessation