http://www.legislation.gov.uk/uksi/2012/2421/regulation/5The Assets of Community Value (England) Regulations 2012Local governmentenLOCAL GOVERNMENT, ENGLANDStatute Law Database2026-06-11Expert Participation2017-04-06
Chapter 3 of Part 5 of the Localism Act 2011 (“the Act”) makes provision for England and Wales in relation to assets of community value, and includes powers for the Secretary of State to make further detailed provision in relation to England. These Regulations, which apply to England only, contain those details and come into force at the same time as commencement of Chapter 3, Part 5 of the Act, to give effect to the assets of community value scheme.
The Assets of Community Value (England) Regulations 2012
Voluntary or community bodies51For the purposes of section 89(2)(b)(iii) of the Act, but subject to paragraph (2), “a voluntary or community body” means—aa body designated as a neighbourhood forum pursuant to section 61F of the Town and Country Planning Act 1990;ba parish council;can unincorporated body—iwhose members include at least 21 individuals, andiiwhich does not distribute any surplus it makes to its members;da charity;ea company limited by guarantee which does not distribute any surplus it makes to its members;fa co-operative or community benefit society which does not distribute any surplus it makes to its members; orga community interest company.2A public or local authority may not be a voluntary or community body, but this does not apply to a parish council.3In this regulation “co-operative or community benefit society” means a registered society within the meaning given by section 1(1) of the Co-operative and Community Benefit Societies Act 2014, other than a society registered as a credit union.
1990 c.8. Section 61F was inserted by paragraphs 1 and 2 of Schedule 9 to the Localism Act 2011, with effect from 6th April 2012, in accordance with article 8(a) of the Localism Act 2011 (Commencement No. 4 and Transitional, Transitory and Saving Provisions) Order 2012, S.I. 2012/628.
A community interest company is a company which satisfies the requirements of Part 2 of the Companies (Audit, Investigations and Community Enterprise Act 2004 (c.27). See in particular sections 26, 35 and 36A. There have been amendments to section 26 and a substitution of section 36A which are not significant for these Regulations.
Reg. 5 in force at 21.9.2012, see reg. 1(1)Words in reg. 5(1)(f) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 32(a)Reg. 5(3) substituted (1.8.2014) by The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014 (S.I. 2014/1815), reg. 1(2), Sch. para. 32(b)