The following Corporate practice note provides comprehensive and up to date legal information covering:
A co-operative society or community benefit society (previously known as industrial and provident societies) (a registered society, or alternatively, a society) is a body corporate with limited liability that can be used by organisations to conduct a business either as a co-operative or for the benefit of a community. There are two categories of registered society:
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
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)
The Co-operative and Community Benefit Societies Act 2014 (CCBSA 2014) governs the registration and operation of registered societies. It came into force on 1 August 2014.
The CCBSA 2014 replaced the industrial and provident society (IPS) with two new legal forms:
the co-operative society, and
the community benefit society
The CCBSA 2014 consolidated and repealed a large amount of earlier legislation relating to IPSs and friendly societies including:
Industrial and Provident Societies Act 1965
Friendly and Industrial and Provident Societies Act 1968, and
Co-operatives and Community Benefit Societies Act 2003
Overall, the CCBSA 2014 made very few changes to the law and mainly consolidated previous legislation.
IPSs in existence
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