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What is the effect of the Charter on the existing Institute of Linguists (IoL)?

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What is the effect of the Charter on the existing Institute of Linguists (IoL)?

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The Chartered IoL will be a new and separate company from the current IoL (the Charter is actually the document by which the new company is incorporated). A “changeover date” has been fixed which is when we decide to commence operations as the Chartered IoL and cease operations from the existing IoL. The “changeover date” is planned for 1st September (being the beginning of our accounting year). Some time in the future the existing IoL will be either wound up or merged with the Chartered IoL.

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