2014 — a year of change for industrial and provident societies

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This year looks set to be one of exciting change for industrial and provident societies (IPSs) — not least because their name will be changing to either ‘community benefit’ or ‘co-operative’ societies from 1 August.

A bill to consolidate all IPS legislation, which aims to make the somewhat confusing world of IPS law more user friendly without introducing any new policy or substantial changes to law, is also currently at second reading stage in the House of Lords. It is unclear when this will come into force, but Anthony Collins will provide further updates in future.

Nearly four years after receiving Royal Assent, the renaming of IPSs promised by the Co-operative and Community Benefit Societies and Credit Unions Act 2010 finally has a commencement date. All new societies registered from August will be known as either ‘community benefit’ or ‘co-operative’ societies. The act specifically states that the changes do not affect those societies registered before that date, which will have the catchy title of ‘Pre-2010 Act Societies’, but in practice they are likely to be known under the same categories…

Click on the link below to read the rest of the Anthony Collins briefing.