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 The Act represents a major consolidation of this area of the law and has repealed a swathe of previous legislation including: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…
Click on the link below to read the rest of the Winckworth Sherwood briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Winckworth Sherwood
News from The Lawyer
Briefings from Winckworth Sherwood
The EAT considered whether an employee who said she was too ill to resign for 18 months and who received 39 weeks’ sick pay during that period had affirmed her contract.
It is possible for employers to defend unfair dismissal claims arising from inappropriate use of social media even if the misconduct is not work-related.