Q&As

Can an industrial and provident society allow proxy voting if it's rules are silent on proxy voting or do its rules have to explicitly allow proxy voting?

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Published on LexisPSL on 06/07/2016

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • Can an industrial and provident society allow proxy voting if it's rules are silent on proxy voting or do its rules have to explicitly allow proxy voting?

Before 1 August 2014, all societies registered under the Industrial and Provident Societies Act 1965 (or its predecessors) were legally referred to as 'industrial and provident societies' (IPSs). Since 1 August they are referred to legally as 'registered societies' under the Co-operative and Community Benefit Societies Act 2014 (CCBSA 2014). Registered societies are regulated by the Financial Conduct Authority (FCA).

There are two categories of registered society:

  1. co-operative societies, which operate for the mutual benefit of their members, who are united by a common economic, social or cultural need or interest, and

  2. community benefit societies, the business of which is conducted to provide services for the benefit of a community at large (not just the members of that society)

IPSs, in existence as of 1 August 2014, did not automatically convert into a co-operative society or community benefit society and there is no way to switch between legal forms. IPSs should continue to operate as usual

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