The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Consequential Amendments) Regulations 2014

EXPLANATORY NOTE

(This note is not part of these Regulations)

These Regulations make provision in consequence of the commencement of section 1 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7) (“the 2010 Act”). Section 1 of the 2010 Act amends the Industrial and Provident Societies Act 1965 (c. 12) (“the 1965 Act”) to require a new society registered under the 1965 Act, other than a credit union, to be registered as a co-operative society or a community benefit society.

The 1965 Act and the 2010 Act are largely repealed and re-enacted by the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”), which comes into force immediately after section 1 of the 2010 Act, which it repeals. The effect of the changes is that—

• the registration requirements for societies other than credit unions are in section 2 of the 2014 Act;

• a new society, other than a credit union, is to be registered as a co-operative society or a community benefit society; and

• all societies registered under the 1965 Act or the 2014 Act, including credit unions, are called “registered societies”.

These Regulations come into force immediately after the 2014 Act. Regulation 2 gives effect to the Schedule, which amends secondary legislation to take account of the changes. The amendments replace the words “industrial and provident society” wherever they occur, including in the title of an enactment.

An impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen.