Co-operative and Community Benefit Societies and Credit Unions Bill

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 areas

• Requires 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 Acts
• Applies the Company Directors Disqualification Act 1986 to industrial and provident societies
• Gives 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.