Background and Policy Objectives
3.The Order is intended to bring the legislation governing Industrial and Provident Societies in Northern Ireland into line with the equivalent legislation in Great Britain – in particular, the Co-Operative and Community Benefit Societies Act 2003.
4.The Industrial and Provident Societies (Northern Ireland) Order will form part of the Department’s strategy to help Industrial and Provident Societies (I&P Societies) in Northern Ireland to reach their full potential, by removing legal, regulatory and policy barriers that may act as obstacles to their growth and development. The aim is to create a supportive and enabling framework, ensuring that the needs of I&P Societies’ members are met, at the same time protecting their interests. By modernising key policy areas, the Department intends to create a regulatory environment which will encourage I&P Societies to maximise their contribution to social and economic development in Northern Ireland.
5.The main purpose of the Order is to achieve the above mentioned objectives by creating parity between I&P Societies legislation in Northern Ireland and Great Britain. I&P Societies in GB are regulated by comparatively recent legislation, most notably the Co-Operative and Community Benefit Societies Act 2003. In order to avoid I&P Societies in Northern Ireland being left behind GB, this draft Order applies many of the provisions of the recent GB legislation to NI legislation, amending the appropriate sections of the Industrial and Provident Societies Act (Northern Ireland)1969 and inserting new provisions where necessary.
