Co-operative and Community Benefit Societies and Credit Unions Act 2010
Act of the Parliament of the United Kingdom
From Wikipedia, the free encyclopedia
The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7) is an act of the Parliament of the United Kingdom that received royal assent on 18 March 2010.
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Long titleAn Act to make provision for societies to be registered as co-operative or community benefit societies and to re-name the Industrial and Provident Societies Acts; to apply to registered societies the provisions relating to directors disqualification and to make provision for the application of certain other enactments relating to companies; to confer power to make provision for credit unions corresponding to any provision applying to building societies; and for connected purposes.
Introduced byMalcolm Wicks MP[1] (Commons)
Lord Tomlinson (Lords)
Lord Tomlinson (Lords)
Territorial extent[b]
- Great Britain
- Northern Ireland (in part)
| Act of Parliament | |
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| Long title | An Act to make provision for societies to be registered as co-operative or community benefit societies and to re-name the Industrial and Provident Societies Acts; to apply to registered societies the provisions relating to directors disqualification and to make provision for the application of certain other enactments relating to companies; to confer power to make provision for credit unions corresponding to any provision applying to building societies; and for connected purposes. |
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| Citation | 2010 c. 7 |
| Introduced by | Malcolm Wicks MP[1] (Commons) Lord Tomlinson (Lords) |
| Territorial extent |
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| Dates | |
| Royal assent | 18 March 2010 |
| Commencement | various[c] |
| Other legislation | |
| Amends | |
| Amended by | |
Status: Partially repealed | |
| History of passage through Parliament | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
| Text of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Provisions
The act contains the following provisions:
- Industrial and provident societies can be registered as a co-operative society or a community benefit society.[2] The act did not create a way to convert between the different types of society.[3]
- Like companies, organisations registered as societies under the Industrial and Provident Societies Act 1965 will be subject to the Company Directors Disqualification Act 1986.[2] Board or Management Committee members will be treated like company directors.
- Societies registered under the 1965 act may be made subject to additional Companies Act 2006 provisions,[2] following consultation, which may relate to: Investigations of companies, company names, dissolution and restoration to the register.[4]
- Renames related acts including 'Industrial and Provident Societies Act 1965' to 'Co-operative and Community Benefit Societies and Credit Unions Act 1965'.[5][6]
Parliamentary process
The bill was first presented (first reading) in the House of Lords on 19 November 2009 and received its third reading on 14 January 2010.[7] It was first read in the House of Commons on 14 January 2010 and received its third reading on 12 March 2010.[7]
Implementation
The implementation of the act formed part of the Big Society agenda.[8]