A Bill to enable the law relating to societies registered under the Industrial and Provident Societies Act 1965 or the Friendly Societies Act 1992 and certain mutual insurers to be amended to permit and facilitate the use of a new and additional class of redeemable share capital; to provide consequential rights to members of such societies or insurers; and to restrict the voting rights of certain members who hold such shares.
House of Lords
23 July 2013
May contain errors — check source documents for definitive information.
This bill would modernise the law for mutual organisations by allowing societies registered under the Industrial and Provident Societies Act 1965 and Friendly Societies Act 1992, and certain mutual insurers, to issue a new class of redeemable shares. It sets out the rights that would attach to those shares for members and restricts voting rights for members who hold them. The aim is to provide a new funding option for mutuals while protecting member interests.
The bill is currently at the 2nd reading stage in the House of Lords. It originated in the Lords, with a first reading recorded in 2013.
Generated 21 February 2026
22 Jul 2013
First reading took place on 22 July. This stage is a formality that signals the start of the Bill's journey through the Lords.
Second reading - the general debate on all aspects of the Bill - is yet to be scheduled.
The 2013-14 session of parliament has prorogued and this Bill will make no further progress.
No recorded votes for this bill yet.
