Goodbye industrial and provident societies, hello community benefit societies
There has been quite a bit of talk about new regulation of industrial and provident societies (IPSs), but what is actually happening and is much really changing?
The Co-operative and Community Benefit Societies Bill was introduced into the House of Lords in December and has already had its second reading. The bill’s purpose is to consolidate existing law relating to co-operative societies, community benefit societies (CBSs) and other societies registered or treated as registered under the Industrial and Provident Societies Act 1965 — that is, IPSs. It is intended to make legislation more user friendly.
The project to consolidate the legislation was first announced by the government in early 2012 and has been taken forward by HM Treasury, the Law Commission and the Scottish Law Commission. Following a consultation, the Law Commission published a report of recommendations that have been included in the bill. These are a aimed at tidying up and simplifying the existing legislation and include the following…
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