To make provision for societies to be registered as co-operative or community benefit societies and to re-name the Industrial and Provident Societies Acts; to apply to registered societies the provisions relating to directors’ disqualification and to make provision for the application of certain other enactments relating to companies; to confer power to make provision for credit unions corresponding to any provision applying to building societies; and for connected purposes.
The purpose of the Bill is to reform the law governing industrial and provident societies.Key areasRequires new industrial and provident societies other than credit unions to be registered as co-operative or community benefit societies Renames the Industrial and Provident Societies ActsApplies the Company Directors Disqualification Act 1986 to industrial and provident societiesGives the Treasury powers to apply company law on investigation of companies, company names and dissolution and restoration to the register to industrial and provident societies Gives the Treasury powers to make provisions for credit unions corresponding to provisions applying to building societies.
House of Commons
13 November 2009
May contain errors — check source documents for definitive information.
The Bill modernises the law for industrial and provident societies by moving new societies to register as co-operative or community benefit societies, and by renaming the existing Acts. It also applies certain company-law rules to these societies (such as directors’ disqualification) and gives the Treasury power to apply other company-law provisions to them, including making rules for credit unions that mirror those for building societies.
The bill originated in the Commons, passed several stages there in 2009, and is currently at the 2nd reading stage in the Lords.
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During second reading of the Bill on 10 July, a wide-ranging discussion took place on issues including the rules by which co-operatives and mutuals are governed and the future of the sector.
Committee stage - line by line examination of the Bill - is yet to be scheduled.
No recorded votes for this bill yet.
