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

To make provision for societies to be registered as co-operative or community benefit societies and to re-name the Industrial and Provident Societies Acts; to apply to registered societies the provisions relating to directors’ disqualification and to make provision for the application of certain other enactments relating to companies; to confer power to make provision for credit unions corresponding to any provision applying to building societies; and for connected purposes.

<p>The Co-operative and Community Benefit Societies and Credit Unions Bill is a Private Members&rsquo; Bill which has government support. It was introduced in the 2008-09 Session of Parliament by Malcolm Wicks, Labour MP for Croydon North. <br><br>The Bill completed all its Commons stages but was not able to finish its passage through the House of Lords before the end of the session, having only had a Second Reading debate. <br>The Bill has been re-introduced, with only minor changes.</p><p>The Bill is the latest in a series of measures which have reformed and modernised the regulatory position and commercial organisation of what is often described as the &lsquo;third sector&rsquo; in financial services: the loose grouping of organisations with mutual status and whose classifications reflect their industrial origins such as the industrial and provident societies and credit unions. <br><br><strong>Key areas<br></strong></p><ul><li>requires new industrial and provident societies (other than credit unions) to be registered as co-operative or community benefit societies<br></li><li>re-names the Industrial and Provident Societies Acts<br></li><li>applies the Company Directors Disqualification Act 1986 to industrial and provident societies<br></li><li>gives the Treasury powers to apply to industrial and provident societies, with appropriate modifications, company law on the investigation of companies, company names and dissolution and restoration to the register<br></li><li>gives the Treasury powers to make provisions for credit unions corresponding to any provisions applying to building societies</li></ul>