Name or shame: complying with the name and charitable status provisions of the Co-operative and Community Benefit Societies Act 2014
The Co-operative and Community Benefit Societies Act 2014 came into force on 1 August 2014. The Act represents a major consolidation of this area of the law and has repealed a swathe of previous legislation including:
- The 1965, 1967, 1975, 1978 and 2002 Industrial and Provident Societies Acts;
- The Friendly and Industrial and Provident Societies Act 1968;
- The Co-operatives and Community Benefit Societies Act 2003; and
- The Co-operative and Community Benefit Societies and Credit Unions Act 2010.
One of the most striking changes to emerge as part of this consolidation is the replacement of the Industrial and Provident Society (IPS) with what the Act refers to as ‘registered societies’. However, it should be noted that the Financial Conduct Authority (FCA) has confirmed that no societies will have to change their name as a result of the Act, even those whose name includes the words ‘industrial and provident society’.
While there is no requirement for such organisations to set out their status as registered societies, all former IPSs may wish to consider how they will refer to their status going forward. The FCA suggests adopting the following formula: ‘[name of society] a registered society under the Co-operative and Community Benefit Societies Act 2014’. This note focuses on two key provisions of the Act which deal with the requirement to display the name and charitable status of registered societies…
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