Co-operatives will have a new legal ‘bible’ in just 267 days, Helen Barber, Head of Co-operative Advice at Co-operatives UK, told delegates at the Practitioners Forum. The Co-operative and Community Benefit Societies Act 2014, which is due to come into force next August, will consolidate existing legislation, put it in gender-neutral language and remove anomalies.
All five Industrial and Provident Societies Acts, the Friendly and Industrial and Provident Societies Act 1968 and the Co-operative and Community Benefit Societies Acts 2003 and 2010 will be repealed.
The new act is expected to increase the upper limit for withdrawable share capital from £20,000. Co-operatives UK has recommended a maximum of £100,000. The Treasury will make its recommendation for a new limit next month.
Other areas expected to change include administration, investigations, register of members and electronic submission. Ms Barber said that, to complement the act, Co-operatives UK would publish an updated Handbook of Industrial and Provident Society Law online. “It’s the modern way of doing things and it’s the most efficient way,” she said.
In this article
- Co-operative and Community Benefit Societies and Credit Unions Act
- Co-operatives UK
- Economy of the United Kingdom
- Helen Barber
- Industrial and Provident Society
- Person Career
- Social Issues
- The Co-operative brand
- The Co-operative Group
- Marie-Claire Kidd
- United Kingdom