Many NFTMO Members were originally set up as an Industrial & Provident Society under legislation dating back to the 1960s, and your Rules reflect this. As you will be aware this legislation was superseded in 2014 by the Co-operative and Community Benefit Society Act 2014 and, whilst your TMO didn’t need to change its Rules, all Industrial & Provident Societies became known as Registered Societies.

Now the Government has asked the Law Commission to review this legislation to see if it needs to be brought into line with the Companies Act 2006 which covers the way in which Limited Companies and Community Interest Companies are regulated.

Anthony Collins Solicitors have produced the Briefing Note below to explain exactly what this means for your TMO and other Registered Societies.