An Act of Co-operation
01 Aug 14
A consolidation Act bringing together 40 years of legislation comes into force today.
The Co-operatives and Community Benefit Societies Act 2014 has brought together provisions in eight Acts published between 1965 and 2010. As well as simplifying the legislation for societies by making it easier to locate, it also removes the term Industrial and Provident Society from the statute book.
The Credit Unions Act 1979 remains in force, but credit unions will now be registered under CCBS 2014 rather than under the Industrial and Provident Societies Act 1979.
To support the new Act, a revised ‘Handbook of Co-operative and Community Benefit Society Law’ has been produced by Co-operatives UK. This new guide, edited by Ian Snaith and including a chapter on credit unions contributed by ABCUL, is available to pre-order here.
Economic Secretary to the Treasury, Andrea Leadsom MP, commented: “The Government is committed to supporting mutuals in helping people build a better future for themselves. So I am delighted that the new Co-operatives and Community Benefit Societies Act is now in force - it will cut red tape for the 6,000 co-operatives in the UK and make it easier to run different and more ethical forms of business.”
Ed Mayo, Secretary General of Co-operatives UK, said: “This landmark Act brings together long-dated, overly complex legislation into one unified statute, making it easier than ever to set up a co-operative enterprise."