Co-operative and Community Benefit Societies and Credit Unions Act 2010

3 Application of provisions relating to directors disqualification

In the Company Directors Disqualification Act 1986 (c. 46), after section 22D insert—

“22E Application of Act to societies registered under the Industrial and Provident Societies Act 1965

(1) In this section “registered society” means a society registered or deemed to be registered under the Industrial and Provident Societies Act 1965 (“the 1965 Act”).

(2) This Act applies to registered societies as it applies to companies.

(3) Accordingly, in this Act—

(a) references to a company include a registered society, and

(b) references to a director or an officer of a company include a member of the committee or an officer of a registered society.

In paragraph (b) “committee” and “officer” have the same meaning as in the 1965 Act: see section 74(1) of that Act.

(4) As they apply in relation to registered societies, the provisions of this Act have effect with the following modifications—

(a) in section 2(1) (disqualification on conviction of indictable offence), the reference to striking off includes cancellation of the registration of a society under the 1965 Act;

(b) in section 3 (disqualification for persistent breaches) and section 5 (disqualification on summary conviction), references to the companies legislation shall be read as references to the legislation relating to registered societies;

(c) in section 8(1) (disqualification after investigation), the reference to investigative material shall be read as including—

(i) any report made under section 47 or 49(1) of the 1965 Act (inspection of books or appointment of inspector), and

(ii) any information, books, accounts or other documents obtained under section 48 of the 1965 Act;

(d) references to the registrar shall be read as references to the Financial Services Authority;

(e) references to a shadow director shall be disregarded.

(5) In the application of Schedule 1 to the members of the committee of a registered society, references to provisions of the Companies Act 2006 shall be read as including references to the corresponding provisions of the legislation relating to registered societies.

(6) In this section “the legislation relating to registered societies” means the Industrial and Provident Societies Acts 1965 to 2003, the Credit Unions Act 1979 and the Co-operative and Community Benefit Societies and Credit Unions Act 2010.”.