Review of Co-Operative Law – Consultation Launched

As we have previously trailed the Law Commission is to undertake a review of the Co-Operative and Community Benefit Societies Act 2014. This is the Act that now covers all TMOs who were established as Industrial & Provident Societies.

The Commission has now launched its consultation which can be found on their website. The consultation paper and its summary, set out the aims of the review which is at the request of the Treasury.

Broadly the consultation paper sets out a number of areas under consideration and seeks respondents views. The areas under consideration for reform include;

• whether there should be a new statutory definition of a co-operative.
• whether there should be a new statutory definition of a community benefit society, and whether charitable community benefit societies should cease to be exempt charities.
• the law relating to society shares.
• consideration of society officers, their duties, and what information about them should be published.
• a discussion on all other suggestions by stakeholders where there is consideration of reform
  Topics include:
  • a right to appeal decisions of the registrar;
  • suspension and cancellation of a society’s registration;
  • entrenchment of society rules;
  • asset locks;
  • conversion, amalgamation, and transfer of engagements;
  • powers of the registrar;
  • audits;
  • executing documents;
  • society names;
  • online meetings;
  • changes to society rules;
  • indivisible reserves

The consultation runs until 10th December so there is plenty of time to make your views known