Legalize / United Kingdom / Public General Act

Co-operative and Community Benefit Societies Act 2014

Type Public General Act

Publication 2014-05-14

Last updated 2020-07-18

State In force

Department Statute Law Database

Source legislation.gov.uk

articles Not indexed

Reform history JSON API

(a) every officer of the society who is bound by its rules to fulfil the duty of which the offence is a breach, or

(b) if there is no such officer, every member of its committee.

(2) In proceedings against a person alleged to have committed an offence under this Act by virtue of subsection (1)(b), it is a defence to prove—

(a) that the person was ignorant of the commission of the offence, or

(b) that the person attempted to prevent the commission of the offence.

(3) Subsection (1) does not apply to an offence under section 127 consisting of a failure to comply with section 12 or 50(2) or (3).

(4) For the purposes of this section as it applies in relation to a failure to comply with section 123(3)(a), a liquidator of a society is treated as an officer of it.

Continuing offences

129

An act or default constituting an offence under this Act constitutes a new offence in every week during which it continues.

Misappropriation of a society’s property etc

130

(1) A person who, by false representation or deception, and with fraudulent intent, obtains possession of any property of a registered society commits an offence.

(2) A person who has any property of a registered society in the person's possession commits an offence if, with fraudulent intent, the person—

(a) withholds or misapplies the property, or

(b) wilfully applies any part of the property to purposes which are not authorised by the society's rules or which are not in accordance with this Act.

(3) A person guilty of an offence under this section is liable on summary conviction—

(a) to a fine not exceeding level 2 on the standard scale with costs or expenses,

(b) to be ordered to deliver up the property or to repay all moneys improperly applied, and

(c) in default of such delivery or repayment or of the payment of any such fine, to be imprisoned for a term not exceeding 3 months.

(4) If in proceedings against a person for an offence under this section it is not proved that the person acted with fraudulent intent, the person may be ordered to deliver up any property belonging to the society or to repay any money improperly applied, with costs or expenses.

Falsification of a society’s records etc

131

(1) A person commits an offence if, with intent to falsify a relevant document or to evade any of the provisions of this Act, the person—

(a) makes an entry in the relevant document,

(b) removes or omits anything from the relevant document, or

(2) “Relevant document” means—

(a) any balance sheet of a registered society,

(b) any contribution or collecting book of a registered society, or

(3) A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale.

Prosecution of offences

Prosecution of offences: persons who may bring proceedings and time for bringing them

132

(1) This section applies to proceedings for—

(a) an offence under this Act that is punishable with a fine, or

(b) an offence under a registered society's rules (see section 20).

(2) The proceedings may be brought by the following—

(a) in the case of proceedings in respect of an offence under a society's rules, the society;

(b) in the case of proceedings by virtue of section 127 in respect of neglect or a failure to do any act, or provide any information, required by the PRA—

(i) the FCA (after notifying the PRA), or

(ii) the PRA (after notifying the FCA);

(i) the registered society in question,

(ii) any member of that society authorised by the society, the society's committee or the FCA, or

(iii) the FCA (except in Scotland);

(d) in any other case, any person aggrieved or (except in Scotland) the FCA.

(3) Except in Scotland, no other person may bring proceedings.

(4) The FCA, the PRA or the Lord Advocate (“the prosecutor”)—

(a) may (despite any limitation on the time for bringing proceedings contained in any Act) bring proceedings for the offence at any time within one year of the discovery of the offence by the prosecutor, but

(b) may not bring proceedings more than 3 years after the commission of the offence.

Prosecution of societies: service of summons etc

133

(1) This section applies to proceedings taken against a registered society for an offence under this Act that is punishable with a fine.

(2) The summons or other process is sufficiently served—

(a) by leaving a true copy of it at the society's registered office, or

(b) if that office is closed, by posting that copy on the outer door of the office.

Part 11 — Miscellaneous and general

Application of company law etc

Power to amend this Act to assimilate to company law

134

(1) This section applies where, on any modification of the enactments in force relating to companies, it appears to the Treasury to be expedient to modify the relevant provisions of this Act for the purpose of assimilating the law relating to companies and the law relating to registered societies.

(2) The Treasury may by order make such modifications of the relevant provisions of this Act as they consider appropriate for that purpose.

(3) The “relevant provisions” of this Act are the provisions of this Act for the time being in force except—

(a) this section;

(b) section 2(1), (2)(a), (c) and (d), (3) and (4);

(d) section 16(1) and (2);

(e) section 17;

(f) section 29;

(g) sections 36 to 40;

(h) sections 109 to 122;

(i) section 126;

(j) sections 135 and 136;

(k) paragraphs 2, 10 and 15 of Schedule 3.

(4) An order under this section may modify the relevant provisions of this Act so as to—

(a) confer power to make orders, regulations, rules or other subordinate legislation;

(b) create criminal offences;

(5) An order under this section may—

(a) make consequential amendments of, or repeals in, the provisions listed in subsection (3);

(b) make such transitional or saving provisions as appear to the Treasury to be necessary or expedient.

(6) In this section “modification” includes any additions.

(7) The reference in subsection (1) to modifications of the enactments relating to companies includes any modification whether effected by—

(a) an Act passed after the passing of the Industrial and Provident Societies Act 2002, or

(b) an instrument made after the passing of that Act, under an Act whenever passed.

Power to apply company law provisions on investigations, names and dissolution etc

135

(1) The Treasury may by regulations—

(a) make provision applying any provision mentioned in subsection (2) to registered societies, or

(b) make provision for registered societies corresponding to any such provision,

in either case, with such modifications as appear to the Treasury to be appropriate.

(2) The provisions are—

(a) Parts 14 and 15 of the Companies Act 1985 (investigations);

(b) Part 5 of the Companies Act 2006 (company names);

(3) Regulations made by virtue of subsection (2)(a) may amend or repeal any of sections 105 to 107 (inspections, information powers etc).

(4) Regulations made by virtue of subsection (2)(b) may amend or repeal section 10 or 11 (or both) (provisions about a society's name).

(5) Regulations made by virtue of subsection (2)(c) may amend or repeal—

(a) section 5(3)(c) (cancellation of registration: society having ceased to exist);

(b) section 126 (dissolution etc to occur only after society's property dealt with).

(6) Subsections (3) to (5) are not to be read as restricting the power conferred by section 136 (power to make consequential amendments).

(7) The regulations may—

(a) confer power to make orders, regulations and other subordinate legislation;

(b) create criminal offences, but only—

(i) in circumstances corresponding to an offence under the Companies Acts, and

(ii) subject to a maximum penalty no greater than is provided for in respect of the corresponding offence;

(8) The regulations may contain such supplementary, incidental and transitional provisions as appear to the Treasury to be necessary or expedient.

(9) Before making any regulations under this section the Treasury must consult such persons as appear to them to be appropriate.

Section 135: power to make consequential amendments

136

(1) The Treasury may by regulations make such amendments of enactments as appear to them to be appropriate in consequence of any provision made by or under section 135.

(2) This power is exercisable in relation to—

(a) this Act (except this section), and

(b) any enactment passed or made before the commencement of the relevant provision.

(3) In this section “enactment” includes—

(a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978,

(b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament,

(d) an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978.

(4) The regulations may contain such supplementary, incidental and transitional provisions as appear to the Treasury to be necessary or expedient.

Determination of disputes

Determination of disputes in accordance with a society’s rules

137

(1) If a registered society's rules give directions as to the way in which relevant disputes are to be determined, a relevant dispute is to be determined in the way directed by the rules (subject to the following provisions of this section).

(2) “Relevant dispute” means a dispute between a registered society or an officer of a registered society and—

(a) a member,

(b) a person aggrieved who ceased to be a member not more than 6 months previously (“a relevant former member”),

(d) a person claiming under the society's rules.

(3) Any dispute which would, under the rules, fall to be determined by the FCA or PRA is to be referred to the county court (or, in Scotland, to the sheriff) for determination.

(4) In England and Wales, any dispute which would, under the rules, be referred to justices is to be determined by a magistrates' court (subject to subsection (6)).

(5) In Scotland, any dispute which would, under the rules, be referred to justices, a justice of the peace court or a court of summary jurisdiction is to be determined by the sheriff.

(6) If the parties to the dispute consent, the dispute may be determined—

(a) in England and Wales, by the county court;

(b) in Scotland, by the sheriff.

(7) Neither subsection (1) nor the society's rules prevents a person, in accordance with the Financial Ombudsman scheme, from having a complaint dealt with under the scheme before or instead of being determined in the way directed by the rules.

Determination of disputes under section 137: application to the court

138

(1) This section applies where—

(a) section 137 applies in relation to a relevant dispute,

(b) an application is made to the society in question for a reference under its rules, and

(2) A person within a paragraph of section 137(2) who is a party to the dispute may apply to the appropriate court, which may hear and determine the matter in dispute.

(3) The appropriate court is—

(a) in England and Wales, the county court or a magistrates' court;

(b) in Scotland, the sheriff.

(4) “Relevant dispute” has the same meaning as in section 137.

Determination of disputes otherwise than under a society’s rules

139

(1) This section applies in relation to a relevant dispute if the registered society's rules contain no directions as to the determination of relevant disputes.

(2) The dispute may be determined—

(a) in England and Wales, by the county court;

(b) in Scotland, by the sheriff.

(3) Alternatively, in England and Wales, a person within a paragraph of section 137(2) who is a party to the dispute may apply to a magistrates' court, which may hear and determine the matter in dispute.

(4) “Relevant dispute” has the same meaning as in section 137.

Determination of disputes: supplementary

140

(1) Where a determination under section 137(1) is made in a dispute—

(a) the determination is binding and conclusive on all parties without appeal;

(b) in England and Wales, the determination is not removable into any court of law or restrainable by injunction;

(2) The county court (or, in Scotland, the sheriff) may order the expenses of determining a dispute under section 137, 138 or 139 to be paid—

(a) out of the society's funds, or

(b) by such parties to the dispute as the court (in Scotland, the sheriff) considers appropriate.

(3) In England and Wales a magistrates' court may, for the purposes of the hearing or determination of a dispute under section 137, 138 or 139, grant either party—

(a) such disclosure as to documents and otherwise, and

(b) such inspection of documents,

as it considers necessary for the just and expeditious disposal of the dispute.

(4) An order under subsection (3) for disclosure to be made on behalf of a society is to be disclosure by such of its officers as the court may determine.

(5) The court to which a dispute is referred under section 137(3) to (6), 138 or 139 may at the request of either party state a case on any question of law arising in the dispute for the opinion of the High Court or the Court of Session (as the case may be).

Other miscellaneous provisions

Recovery of costs and expenses

141

Any costs or expenses ordered or directed by the FCA or PRA to be paid by any person under this Act are recoverable summarily (or, in Scotland, are recoverable) as a civil debt.

Northern Ireland societies

Northern Ireland societies whose rules are recorded by the FCA

142

(1) This section applies to a Northern Ireland society (“the Northern Ireland society”) if—

(a) the society notifies the FCA that it wishes to be treated as a registered society, and

(b) the FCA places the notice on a file which it keeps in respect of the society.

(2) For the purposes of the operation of this Act in Great Britain and the Channel Islands (“the relevant area”)—

(a) references in the provisions specified in subsection (3) to a registered society include the Northern Ireland society (but see subsection (5)), and

(b) for the purposes of those provisions—

(i) the Northern Ireland society,

(ii) the society’s rules, registered under the relevant Northern Ireland law, and

(iii) any amendment to the rules registered under that law,

are in the relevant area treated as a society, rules and amendments duly registered under this Act by the FCA.

(3) The provisions are—

(a) sections 2(2)(b)(ii), 3(1)(a)(ii) and (3) to (6), 5(3)(b), 11(1) to (4), 13(3), 15, 16(2)(a), 18, 19, 20, 24(2)(a), 26, 27(2)(b), 28, 30(9), 33, 35, 36, 41, 42, 50, 53 to 56, 58, 67, 69, 71 to 74, 108 to 111, 114(3) to (5), 127(1), 128, 130 to 132, 137 to 140, 143 and 146;

(b) paragraph 3 of Schedule 3.

(4) In the application of section 108 (general restriction on inspection of books) by virtue of this section, the reference to this Act is to be read as the relevant Northern Ireland law.

(5) This section does not confer any power, or impose any obligation or liability, with respect to the doing (or not doing) of anything outside the relevant area.

(6) In this section—

“Northern Ireland society” means a society registered under the relevant Northern Ireland law;

“the relevant Northern Ireland law” means the law for the time being in force in Northern Ireland for purposes corresponding to the purposes of this Act.

(7) Nothing in Article 22 of the Government of Ireland (Companies, Societies, &c.) Order 1922 (SR & O 1922/184) applies—

(a) in relation to a Northern Ireland society, or

(b) in relation to this Act.

Documents

Form of documents etc

143

(1) Every return and other document required for the purposes of this Act—

(a) must be made in such form as the FCA may direct,

(b) must contain such particulars as it may direct, and

(2) The FCA must register and record those documents, together with any observations it considers appropriate to make on them.

(3) The FCA must consult the PRA before issuing a direction which relates to a return or other document a copy of which is required to be sent to the PRA.

Form etc of electronic documents sent to FCA or PRA

144

(1) The FCA or PRA (“the authority”) may impose requirements as to the form, authentication and manner of delivery of documents sent electronically to it under this Act.

(2) As regards authentication, the authority may—

(a) require the document to be authenticated by a particular person or a person of a particular description;

(b) specify the means of authentication;

(c) require the document to contain or be accompanied by the name or registered number of the society to which it relates (or both).

(3) As regards the manner of delivery, the authority may specify requirements as to the hardware and software to be used, and technical specifications (for example, matters relating to protocol, security, anti-virus protection or encryption).

(4) The power conferred by this section does not authorise the authority to require documents to be delivered electronically.

(5) Requirements imposed under this section must not be inconsistent with requirements imposed by this Act or any other enactment with respect to the form, authentication and delivery of the document concerned.

(6) In this section, a document is sent electronically if it is sent by electronic means or in electronic form.

Fees for inspection and copying of documents

145

The FCA or PRA may charge a person a reasonable fee before—

(a) allowing the person to inspect a document held by it in connection with this Act, or

(b) providing the person with a copy of such a document (or a copy of part of such a document).

Certain documents to be received in evidence

146

(1) This section applies to a document issued, received or created by—

(a) the FCA, or

(b) an inspector under this Act,

for the purposes of, or in connection with, this Act.

(2) A document bearing the FCA's seal or stamp is to be received in evidence without further proof.

(3) A document purporting to have been signed by—

(a) a person authorised to do so on behalf of the FCA, or

(b) an inspector under this Act,

is, in the absence of any evidence to the contrary, to be received in evidence without proof of the signature.

Regulations and orders

147

(1) Regulations and orders of the Treasury under this Act are to be made by statutory instrument.

(2) A statutory instrument containing—

(a) regulations under section 29, 135 or 136, or

(b) an order under section 134,

may not be made unless a draft of the instrument has been laid before and approved by a resolution of each House of Parliament.

(3) A statutory instrument containing regulations or an order under section 18, 25, 49, 68, 83, or 97, or an order under section 118, is subject to annulment in pursuance of a resolution of either House of Parliament.

Interpretation

Meaning of “electronic form”, “by electronic means” etc

148

(1) The following provisions apply for the purposes of this Act.

(2) A document or information is sent in electronic form if it is sent—

(a) by electronic means (for example, by email or fax), or

(b) by any other means while in electronic form (for example, sending a disk in the post).

References to electronic copy have a corresponding meaning.

(3) A document or information is sent by electronic means if it is—

(a) sent initially and received at its destination by means of electronic equipment for the processing (which expression includes digital compression) or storage of data, and

(b) entirely transmitted, conveyed and received by wire, by radio, by optical means or by other electromagnetic means.

References to “electronic means” have a corresponding meaning.

(4) A document or information sent in electronic form must be sent in a form, and by a means, that the sender reasonably considers will enable the recipient—

(a) to read it, and

(b) to retain a copy of it.

(5) For the purposes of this section, a document or information can be read only if—

(a) it can be read with the naked eye, or

(b) to the extent that it consists of images (for example photographs, pictures, maps, plans or drawings), it can be seen with the naked eye.

(6) The provisions of this section apply whether the provision of this Act uses the word “send” or uses other words (such as “deliver”, “issue”, “produce”, “provide” or “supply”) to refer to the sending of a document or information.

Interpretation of Act

149

In this Act, except where the context otherwise requires—

“the 1965 Act” has the meaning given by section 1;

“amendment”, in relation to a registered society's rules, includes a new rule and a resolution rescinding a rule;

“annual return” has the same meaning as in section 89;

“the appropriate authority” means—in relation to a society that is a PRA-authorised person, the PRA;in relation to any other society, the FCA;

“charitable registered society” means a registered society that is a charity;

“charity” (except in section 10)—has the meaning given by section 1(1) of the Charities Act 2011 (as modified, in the case of a society whose registered office is in Scotland, by section 7(2) of that Act);but in relation to a society whose registered office is in any of the Channel Islands, it means a society established for charitable purposes only (“charitable purposes” having the meaning given by the law of that Island);and similar expressions are to be read accordingly;

“committee”, in relation to a society, means the society's management committee or other directing body;

“the Companies Acts” means—the Companies Acts as defined in section 2(1) of the Companies Act 2006, orany law for corresponding purposes in force in any of the Channel Islands,and includes corresponding earlier Acts or laws;

“credit union” means a registered society that is registered as a credit union;

“electronic address” means any number or address used for the purposes of sending or receiving documents or information by electronic means;

“electronic copy”, “electronic form” and “electronic means” have the same meaning as in section 148;

“enactment” (except in section 136 and Schedule 5) includes—an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978,an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament, andan enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;

“the FCA” means the Financial Conduct Authority;

“the Financial Ombudsman scheme” means the scheme established under Part 16 of the Financial Services and Markets Act 2000;

“Gazette”, in relation to a registered society, means such one or more of the following as apply—the London Gazette, if the society's registered office is in England, Wales or the Channel Islands or it carries on business there;the Edinburgh Gazette, if the society's registered office is in Scotland or it carries on business there;the Belfast Gazette, if a notice given by the society has been filed under section 102 (Great Britain societies carrying on business in Northern Ireland) of the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969;

“heritable security” has the same meaning as in the Conveyancing (Scotland) Act 1924 except that it includes a security constituted by ex facie absolute disposition or assignation;

“meeting”, in relation to a society, includes (where the society's rules allow it) a meeting of delegates appointed by members;

“officer”, in relation to a registered society—includes any treasurer, secretary, member of the committee, manager or employee of the society (except an employee appointed by the society's committee), butdoes not include an auditor appointed by the society in accordance with the requirements of Part 7;

“persons claiming through a member” includes the heirs, executors or administrators and assignees of a member and (where nomination is allowed) the person's nominee;

“the PRA” means the Prudential Regulation Authority;

“PRA-authorised person” has the meaning given by section 2B of the Financial Services and Markets Act 2000;

“pre-commencement society” has the meaning given by section 150;

“registered”, in relation to a society's name or office, means the name or office for the time being registered under this Act in respect of the society;

“registered rules”, in relation to a registered society, means the rules registered under this Act, as amended by any amendment of the rules that has been so registered;

“registered society” has the meaning given by section 1;

the FCA's “seal” means the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974 (and any reference to a document sealed by the FCA is to be read accordingly).

Part 12 — Final provisions

Pre-commencement societies

150

(1) Any reference to a society registered under this Act includes a society that, immediately before 1 August 2014, was registered or treated as registered under the 1965 Act (a “pre-commencement society”).

(2) In relation to a pre-commencement society—

(a) any reference to an acknowledgement of the registration under this Act of a society, its rules or any amendment of its rules includes an acknowledgement of the registration under the 1965 Act of the society, its rules or an amendment (and anything treated, immediately before 1 August 2014, as such an acknowledgement);

(b) any reference to rules or amendments of rules registered under this Act includes rules or amendments registered under the 1965 Act (and anything treated, immediately before 1 August 2014, as rules or amendments registered under that Act).

(3) In this section “reference” means a reference (expressed or implied) in this Act, another enactment or an instrument or document.

(4) Schedule 3 contain provisions applying in relation to certain pre-commencement societies.

Amendments, repeals etc

151

(1) Schedule 4 contains consequential amendments.

(2) Schedule 5 contains transitional provisions and savings.

(3) Schedule 6 contains transitory modifications etc.

(4) The provisions listed in Schedule 7 are repealed or revoked to the extent specified.

Channel Islands

152

(1) Her Majesty may by Order in Council provide for any provision of this Act, or of any instrument made under it, to extend (with or without modifications) to any of the Channel Islands.

(2) Any such Order in Council may make such transitional, incidental or supplementary provision as appears to Her Majesty to be necessary or expedient.

Extent

153

(1) Subject as follows, this Act extends to England and Wales and Scotland.

(2) Chapter 1 of Part 5 extends to England and Wales only.

(3) Chapter 2 of Part 5 extends to Scotland only.

(4) The following provisions also extend to Northern Ireland—

(a) this section;

(b) sections 136, 147, 154 and 155;

(5) Any amendment, repeal or revocation made by this Act extends to any part of the United Kingdom to which the provision amended, repealed or revoked extends.

(6) Nothing in this section applies to section 152 (and the repeals made by this Act do not affect any power by Order in Council to make provision extending to any of the Channel Islands).

Commencement

154

This Act comes into force on 1 August 2014, immediately after section 1 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (registration of societies as co-operative or community benefit societies).

Short title

155

This Act may be cited as the Co-operative and Community Benefit Societies Act 2014.

SCHEDULE 1

Part 1 — Forms applicable in England, Wales and Channel Islands

Part 2 — Form applicable in Scotland

SCHEDULE 2

Part 1 — Forms applicable in England and Wales

Part 2 — Forms applicable in Scotland

SCHEDULE 3

Introduction

1

In this Schedule—

“the 1893 Act” means the Industrial and Provident Societies Act 1893;

“the 1975 Act” means the Industrial and Provident Societies Act 1975;

“the 1978 Act” means the Industrial and Provident Societies Act 1978.

Section 5 (cancellation of registration): societies registered before 26 July 1938

2

(1) Condition D of section 5 (cancellation of registration) does not apply to a society registered or treated as registered under the 1893 Act before 26 July 1938 if no invitation to subscribe for or to acquire or offer to acquire securities, or to lend or deposit money, has been made on or after that date by or on behalf of the society.

(2) See also paragraph 15 of this Schedule (power to apply for winding up of a society on grounds similar to that in Condition D).

Powers of a society registered on or before 1 January 1894

3

In the case of a society which was a registered society under the 1893 Act on 1 January 1894, the society or its members may exercise any power given by this Act and not made to depend on the provisions of the society's rules despite anything in any of its rules registered before 12 September 1893.

Section 15: amendments registered on or before 27 March 1928 increasing a member’s financial contribution

4

Section 15(2) (amendments of rules increasing members' financial contributions do not apply to existing members unless they consent in writing) does not apply to amendments registered on or before 27 March 1928.

Preservation of certain rules facilitating investment in government securities (section 21)

5

Any rule which, immediately before the coming into force of this Act, had effect as if duly passed by a registered society by virtue of section 11(2) of the 1965 Act (continuation of rules included by virtue of section 8(3) of the Societies (Miscellaneous Provisions) Act 1940) is to continue to be treated as duly passed by the society.

Maximum shareholding (section 24): effect of certain resolutions on society’s rules

6

(1) This paragraph applies to a resolution of a society's committee that, immediately before this Act comes into force, has effect by virtue of any of the following—

section 6(2) or (3) of the 1965 Act,

section 1(2) of the 1975 Act,

article 4(1) of the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1981 (SI 1981/395),

article 4(1) of the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1994 (SI 1994/341).

(The effect of such a resolution is to increase the limit on members' shareholdings, contained in a society's rules.)

(2) The society's rules continue to have effect subject to the resolution.

(3) The society's committee may not vary or revoke the resolution.

(4) But if any amendment of the society's rules is registered, the rules have effect as if the resolution had not been passed.

Maximum deposits: effect of resolution on rules of societies registered before 27 April 1952

7

(1) This paragraph applies to a registered society that was registered under the 1893 Act before 27 April 1952 (“the relevant date”) if—

(a) the society's rules permit the taking of deposits up to, but not exceeding, 10 shillings in any one payment and £20 for any one depositor,

(b) no amendment of its rules has been registered since the relevant date, and

(c) the society's committee has since the relevant date resolved, by a resolution recorded in writing, that for the limits of 10 shillings and £20 there are to be substituted specified higher limits not exceeding £2 and £50 respectively.

(2) The society's registered rules have effect subject to the resolution.

(3) The society's committee may not vary or revoke the resolution.

(4) But if any amendment of the society's rules is registered, the rules have effect as if the resolution had not been passed.

Maximum deposits: effect on certain resolutions on society’s rules

8

(1) This paragraph applies to a resolution of a society's committee that, immediately before this Act comes into force, has effect by virtue of any of the following—

section 1(2) or (3) of the 1978 Act,

article 4(1) or (2) of the Industrial and Provident Societies (Increase in Deposit-taking Limits) Order 1981 (SI 1981/394).

(The effect of such a resolution is to increase the limit on deposits, contained in a society's rules.)

(2) The society's rules continue to have effect subject to the resolution.

(3) The society's committee may not vary or revoke the resolution.

(4) But if any amendment of the society's rules is registered, the rules have effect as if the resolution had not been passed.

The 1968 Act: consequential amendments to rules

9

(1) Despite anything contained in its rules, a registered society's committee may, by a resolution passed in the appropriate period, make such amendments of its rules as may be consequential on the provisions of the Friendly and Industrial and Provident Societies Act 1968.

(2) “The appropriate period” is the period—

(a) beginning with 26 July 1968, and

(b) ending with 25 July 1969 or, if later, the first date after 26 July 1968 on which an amendment of the society's rules is registered.

(3) The FCA is not required to register an amendment of the society's rules unless any consequential amendments made by virtue of sub-paragraph (1)—

(a) have been made before the application for registration of that amendment, or

(b) are to be effected by that amendment.

Section 37 (nomination by member of entitlement to property in society on member’s death): nominations made before 5 August 1954

10

Section 37(4) applies in relation to a nomination made before 5 August 1954 as if for “£5,000” there were substituted “ £100 ”.

Section 50 (common seals)

11

Section 50(3) does not apply to decisions made before 20 October 2003.

Section 59 (charges on assets of English and Welsh societies): instruments executed before 14 September 1967

12

Section 59 does not apply in relation to an instrument executed before 14 September 1967.

Section 104 (inspection of books: power to authorise inspection)

13

Section 104 does not apply to rules made before 12 September 1893.

Section 108 (inspection of books: general restriction)

14

Section 108 has effect despite any rule made by the society before 12 September 1893.

Part 9: winding up of societies registered before 26 July 1938

15

(1) The FCA or PRA (“the authority”) may present a petition to the court for the winding up of a registered society that was registered or treated as registered under the 1893 Act before 26 July 1938 if it appears to the authority—

(a) that it meets neither of the conditions in section 2(2)(a), and

(b) that the winding up of the society would be in the interests of persons who have invested or deposited money with the society or any other person.

(2) The FCA must consult the PRA before presenting a petition in respect of a PRA-authorised person.

(3) The PRA must consult the FCA before presenting a petition.

SCHEDULE 4

Part 1 — Amendments of the Credit Unions Act 1979

1

The Credit Unions Act 1979 is amended as follows.

2

(1) Section 1 (registration) is amended as follows.

(2) In subsection (1)—

(a) for the words before paragraph (a) substitute “ A society may be registered under the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”) as a credit union if— ”;

(b) after paragraph (a) insert—

(aa) the society has at least 21 members;

(d) in paragraph (f) for “the 1965 Act” substitute “ the 2014 Act ”;

(e) in the words after paragraph (f) omit “shall be registered as, and”.

(3) After subsection (1) insert—

(1ZA) See section 4 of the 2014 Act for the prohibition on registering a society with withdrawable share capital with the object of carrying on the business of banking.

(4) In subsection (1B) for “issue an acknowledgement of registration under section 2(3) of the 1965 Act to a credit union” substitute “ register a society under the 2014 Act as a credit union ”.

(5) In subsection (1D) for “issues an acknowledgement of registration to a credit union under that section” substitute “ registers a society as a credit union ”.

(6) For the heading substitute “ Registration ”.

3

(1) Section 2 (supplementary provisions as to registration) is amended as follows.

(2) For subsections (1) and (2) substitute—

(1) The following provisions of the 2014 Act do not apply in relation to registration as a credit union— (a) section 2 (societies that may be registered); (b) section 4(2) (taking of certain deposits not to be regarded as carrying on the business of banking); (c) section 14 (content of a society's rules). (2) Section 3(2) of the 2014 Act (registration) applies to registration as a credit union as if the reference to compliance with the requirements of that Act were, subject to subsection (1) of this section, to compliance with the provisions as to registration of that Act and this Act.

(3) In subsection (3) for “the 1965 Act” substitute “ the 2014 Act ”.

4

(1) Section 3 (use of name “credit union” etc) is amended as follows.

(2) In subsection (3D)(b)(ii) for “the 1965 Act” substitute “ the 2014 Act ”.

(3) In subsection (4) for “section 5(5) of the 1965 Act” substitute “ section 10(3) and (4) of the 2014 Act ”.

5

(1) Section 4 (rules) is amended as follows.

(2) For subsection (3) substitute—

(3) In section 16(4) of the 2014 Act (registration of amendment of rules where not contrary to that Act) as it applies to credit unions, the reference to that Act is to be read as a reference to that Act and this Act.

(3) For subsection (5) substitute—

(5) Section 21 and paragraph 5 of Schedule 3 of the 2014 Act (rules as to fund for purchase of government securities) do not apply to credit unions.

6

(1) Section 6 (minimum number of members) is amended as follows.

(2) In subsection (1), omit the words from “and, accordingly” to the end.

(3) After that subsection insert—

(1A) Accordingly, references in the following provisions to 3 members are to be read as 21 members— (a) section 3(1)(a)(i) of the 2014 Act as it applies to an application for registration as a credit union; (b) section 5(3)(b) of that Act as it applies to the cancellation of a credit union's registration; (c) section 115(2) as it applies to the conversion of a company into a credit union.

7

In section 7(3) (shares) for “section 24(1) of the 1965 Act” substitute “ section 39(2) of the 2014 Act ”.

8

(1) Section 7A (power to issue interest-bearing shares) is amended as follows.

(2) In subsection (1)(c), for “section 9 of the Friendly and Industrial and Provident Societies Act 1968” substitute “ section 87 of the 2014 Act ”.

(3) In subsection (5) for “section 3A of the Friendly and Industrial and Provident Societies Act 1968” substitute “ section 82 of the 2014 Act ”.

9

(1) Section 18 (power to appoint inspector and call meeting) is amended as follows.

(2) In subsection (1)—

(a) for “section 49 of the 1965 Act” substitute “ section 106 of the 2014 Act ”;

(b) for “the 1965 Act” (in the second place where it occurs) substitute “ the 2014 Act ”.

(3) In subsection (3) for “Subsections (5) and (6) of the said section 49” substitute “ Section 107 of the 2014 Act ”.

10

(1) Section 20 (cancellation or suspension of registration etc) is amended as follows.

(2) For subsections (1) and (1A) substitute—

(1) Section 5 of the 2014 Act (grounds for cancellation of registration) applies in relation to a credit union as if it were modified as specified in subsections (1ZA) to (1ZD). (1ZA) Subsection (1) applies as if for “any of conditions A to E” there were substituted “ any of conditions A to F ”. (1ZB) Subsection (4)(b) (condition C) applies as if after “this Act” there were inserted “ or the Credit Unions Act 1979 ”. (1ZC) The section applies as if for subsection (5) (condition D) there were substituted— (5) Condition D is that it appears to the FCA that the credit union's rules provide for one or more common bonds involving a connection with a locality and the requirements of section 1B of the Credit Unions Act 1979 are no longer met. (1ZD) The section applies as if after subsection (6) there were inserted— (7) Condition F is that the credit union's permission under Part 4A of the Financial Services and Markets Act 2000 has been cancelled or the credit union has received a warning notice under section 55Z of that Act.

(3) In subsection (1B) for “under section 16 of the 1965 Act by virtue of subsection (1A)” substitute “ by virtue of condition F in section 5 of the 2014 Act ”.

(4) For subsections (1C) and (1D) substitute—

(1C) Section 7 of the 2014 Act (cancellation of registration: additional procedure in certain cases) applies in relation to credit unions as if references to condition D included condition F. (1D) Section 9 of the 2014 Act (appeals) applies in relation to credit unions as if the reference to condition D included condition F (accordingly, no appeal may be made against a decision to cancel a credit union's registration on the ground that condition F is met).

(5) In subsection (1E) for “by virtue of subsection (1A)” substitute “ by virtue of condition F in section 5 of the 2014 Act ”.

(6) In subsection (2)(b) for “the Industrial and Provident Societies Acts 1965 to 1978” substitute “ the 2014 Act ”.

11

(1) Section 21 (amalgamations and transfers of engagements) is amended as follows.

(2) In subsection (1) for “sections 50 and 51 of the 1965 Act” substitute “ sections 109 to 111 of the 2014 Act ”.

(3) In subsection (3)—

(a) for “section 50 or section 51 of the 1965 Act” substitute “ section 109 or 110 of the 2014 Act ”;

(b) in paragraph (a) for “of the Industrial and Provident Societies Acts 1965 to 1978” substitute “ the 2014 Act ”.

(4) In subsection (3A)(a) for “section 50 or section 51 of the 1965 Act” substitute “ section 109 or 110 of the 2014 Act ”.

12

In section 22 (no conversion of credit union into company etc) for “Section 52 of the 1965 Act” substitute “ Sections 112 to 114 of the 2014 Act ”.

13

(1) Section 23 (conversion of company into credit union) is amended as follows.

(2) Omit subsections (1) and (2).

(3) In subsection (3) for “that section” substitute “ section 115 of the 2014 Act (conversion of company into a registered society) ”.

(4) After subsection (4) insert—

(5) Section 116 of the 2014 Act (member's shareholding in company exceeds maximum permitted amount) does not apply in relation to the conversion of a company into a credit union.

14

In section 26 (prohibition on subsidiaries) for the words from “section 15” to the end substitute “ Part 7 of the 2014 Act ”.

15

(1) Section 28 (provisions as to offences) is amended as follows.

(2) For subsection (1) substitute—

(1) In Part 10 of the 2014 Act (offences) as it applies to credit unions, references to that Act include this Act.

(3) In subsection (3)—

(a) for “the 1965 Act” substitute “ the 2014 Act ”;

(b) for “section 66(2) of that Act” substitute “ section 132(4) of that Act ”.

(4) In subsection (4) for “section 62 of the 1965 Act” substitute “ section 128 of the 2014 Act ”.

16

(1) Section 31 (interpretation etc) is amended as follows.

(2) In subsection (1)—

(a) insert (as the first definition)—

“the 2014 Act” means the Co-operative and Community Benefit Societies Act 2014;

;

(b) in the definition of “credit union” for “the 1965 Act” insert “ the 2014 Act ”.

(3) In subsection (2) for the words from the beginning to “the 1965 Act” substitute “ Sections 141, 143 to 146, 148 and 149 of the 2014 Act ”.

(4) In subsection (3)—

(a) for “the 1965 Act” substitute “ the 2014 Act ”;

(b) for “sections 6, 12, 19, 21, 30 and 31.” substitute “ sections 22, 24, 26, 27, 32, 33 and 34 and paragraph 6 of Schedule 3. ”

(5) In subsection (4)—

(a) for the words from the beginning to “the 1965 Act” substitute “ The following provisions of the 2014 Act ”;

(b) at the end insert

— (a) section 67(1) (society with withdrawable share capital not to carry on the business of banking); (b) sections 77 and 78 (year of account); (c) section 81 (duty to display latest balance sheet); (d) section 89 (annual returns); (e) section 90 (duty to provide copy of annual return).

17

(1) Section 32 (Northern Ireland) is amended as follows.

(2) In subsection (1) for “section 76 of the 1965 Act” substitute “ section 142 of the 2014 Act ”.

(3) In subsection (2) for “the Industrial and Provident Societies Acts 1965 to 1978” (in both places) substitute “ the 2014 Act ”.

18

(1) Schedule 1 (rules) is amended as follows.

(2) In paragraph 1 for “subsections (1) and (2) of section 5 of the 1965 Act” substitute “ section 10(1) and (2) of the 2014 Act ”.

(3) For paragraph 11 substitute—

(11) Provision for the audit of accounts in accordance with Part 7 of the 2014 Act.

Part 2 — Amendments of other Acts

Forged Transfers Act 1891 (c. 43)

19

(1) Section 3 of the Forged Transfers Act 1891 (application to industrial societies etc) is amended as follows.

(2) In the existing provision (which becomes subsection (1))—

(a) omit “industrial, provident,”;

(b) after “Parliament” insert “ , and to any registered society, ”.

(3) After that subsection insert—

(2) Registered society” means— (a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or (b) a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969.

Libraries Offences Act 1898 (c. 53)

20

In section 3 of the Libraries Offences Act 1898 (application of Act) for “registered under the Industrial and Provident Societies Act 1893, or” substitute “ that is a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or is registered ”.

Stock Transfer Act 1963 (c. 18)

21

In section 1(4) of the Stock Transfer Act 1963 (simplified transfer of securities) for “a society registered under the Industrial and Provident Societies Act 1893” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

Transport Act 1968 (c. 73)

22

In section 10B(6)(b) of the Transport Act 1968 (boundaries of power under section 10A) for the words from the beginning to “1965 or” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or deemed to be registered under ”.

National Savings Bank Act 1971 (c. 29)

23

In section 16 of the National Savings Bank Act 1971 (deposits by charities etc) for “section 31 of the Industrial and Provident Societies Act 1965” substitute “ section 27 of the Co-operative and Community Benefit Societies Act 2014 ”.

Local Government Act 1972 (c. 7)

24

(1) Schedule 12A to the Local Government Act 1972 (access to information: exempt information) is amended as follows.

(2) In paragraph 8 for sub-paragraph (d) substitute—

(d) the Co-operative and Community Benefit Societies Act 2014;

(3) In paragraph 19 for sub-paragraph (d) substitute—

(d) the Co-operative and Community Benefit Societies Act 2014;

Friendly Societies Act 1974 (c. 46)

25

The Friendly Societies Act 1974 is amended as follows.

26

In section 40 (remuneration of qualified auditors), in subsections (1) and (3), for “section 10 of the Friendly and Industrial and Provident Societies Act 1968” substitute “ section 97 of the Co-operative and Community Benefit Societies Act 2014 ”.

27

In section 82(9) (amalgamation and transfer of engagements) for the words from “registered or” to “1965 or” substitute “ that is a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or is a society registered or deemed to be registered under ”.

28

In section 84A (conversion of registered societies into industrial and provident societies) for “Industrial and Provident Societies Act 1965” in each place substitute “ Co-operative and Community Benefit Societies Act 2014 ”.

29

In section 109(1) (regulations) for “Industrial and Provident Societies Act 1965” substitute “ Co-operative and Community Benefit Societies Act 2014 ”.

30

(1) Schedule 6A (conversion of registered societies into industrial and provident societies: supplementary) is amended as follows.

(2) In paragraph 1 for “Industrial and Provident Societies Act 1965” substitute “ Co-operative and Community Benefit Societies Act 2014 ”.

(3) In paragraph 2(2) for “industrial and provident society” substitute “ society registered under the Co-operative and Community Benefit Societies Act 2014 (the “new society”) ”.

(4) In paragraphs 3 and 4, for “industrial and provident” in each place substitute “ new ”.

Industrial Common Ownership Act 1976 (c. 78)

31

In section 2(1)(a) of the Industrial Common Ownership Act 1976 (common ownership enterprises and co-operative enterprises) for sub-paragraph (ii) (not including the “and” at the end of it) substitute—

(ii) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014;

Housing Act 1985 (c. 68)

32

The Housing Act 1985 is amended as follows.

33

In section 5(2) (housing associations: “fully mutual”) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

34

In section 6A (the Corporation) for “society registered under the Industrial and Provident Societies Act 1965” in each place substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

35

In section 27AB (management agreements with tenant management organisations), in the definition of “registered” in subsection (8), for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

Housing Associations Act 1985 (c. 69)

36

In section 1(2) of the Housing Association Act 1985 (housing associations: “fully mutual”) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

Finance Act 1986 (c. 41)

37

In section 24(5) of the Finance Act 1986 (approved profit sharing schemes: workers' co-operatives)—

(a) omit paragraph (a);

(b) for “each of those Acts” substitute “ that Act ”;

Company Directors Disqualification Act 1986 (c. 46)

38

(1) Section 22E of the Company Directors Disqualification Act 1986 (application of Act to registered societies) is amended as follows.

(2) For subsection (1) substitute—

(1) In this section “registered society” has the same meaning as in the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”).

(3) In subsection (3) for “the 1965 Act: see section 74(1) of that Act” substitute “ the 2014 Act: see section 149 of that Act ”.

(4) In subsection (4)—

(a) in paragraph (a) for “the 1965 Act” substitute “ the 2014 Act ”;

(b) in paragraph (c)(i) for “section 47 or 49(1) of the 1965 Act” substitute “ section 105 or 106 of the 2014 Act ”.

(5) For subsection (6) substitute—

(6) The legislation relating to registered societies” means the Credit Unions Act 1979 and the Co-operative and Community Benefit Societies Act 2014.

(6) For the heading substitute “ Application of Act to registered societies ”.

Housing (Scotland) Act 1987 (c. 26)

39

In section 300(1)(b) of the Housing (Scotland) Act 1987 (“co-operative housing association”) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

Income and Corporation Taxes Act 1988 (c. 1)

40

In section 187(10) of the Income and Corporation Taxes Act 1988 (interpretation of sections 185 and 186 and Schedules 9 and 10)—

(a) for “registered industrial and provident society” substitute “ registered society ”;

(b) for “section 1 of the Industrial and Provident Societies Act 1965” substitute “ section 2 of the Co-operative and Community Benefit Societies Act 2014 ”;

Local Government and Housing Act 1989 (c. 42)

41

The Local Government and Housing Act 1989 is amended as follows.

42

In section 67(1) (application of, and orders under, Part 5)—

(a) at the end of paragraph (d) (before the “and”) insert—

(da) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014;

;

(b) in paragraph (e) omit “under the Industrial and Provident Societies Act 1965 or”.

43

In section 69(8) (companies subject to local authority influence) for “an industrial and provident society” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

Opticians Act 1989 (c. 44)

44

In section 9(2)(d)(i) of the Opticians Act 1989 (list of bodies corporate carrying on business as opticians) for “a society registered under the Industrial and Provident Societies Act 1965 or” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered under ”.

Enterprise and New Towns (Scotland) Act 1990 (c. 35)

45

In section 8(1)(m) of the Enterprise and New Towns (Scotland) Act 1990 (general and specific powers) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

Taxation of Chargeable Gains Act 1992 (c. 12)

46

The Taxation of Chargeable Gains Act 1992 is amended as follows.

47

(1) Section 140E (merger leaving assets within UK tax charge) is amended as follows.

(2) In subsection (1)(b) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 ”.

(3) In subsection (9)(a) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 , a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 ”.

48

In section 140F(1)(b) (merger: assets outside UK tax charge) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 ”.

49

In section 140G(1)(b) (treatment of securities issued on merger) for “society registered under the Industrial and Provident Societies Act 1965” substitute “ registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 ”.

50

(1) Section 170 (interpretation of sections 171 to 181) is amended as follows.

(2) In subsection (2)(c) for “registered industrial and provident society” substitute “ registered society (see section 1119 of that Act) ”.

(3) In subsection (9)(c) for “registered industrial and provident society” substitute “ registered society (see section 1119 of CTA 2010) ”.

51

In the heading before section 217D for “Industrial and provident societies” substitute “ Registered societies ”.

52

In section 217D(3) (disposal of assets on union, amalgamation or transfer of engagements) for paragraph (a) substitute—

(a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969,

53

In Schedule 7AC (exemptions for disposals by companies with substantial shareholdings) in paragraph 26(4) for “registered industrial and provident society” substitute “ registered society (see section 1119 of that Act) ”.

Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52)

54

In section 10(3)(b) of the Trade Union and Labour Relations (Consolidation) Act 1992 (quasi-corporate status of trade unions) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

Housing Act 1996 (c. 52)

55

The Housing Act 1996 is amended as follows.

56

For “an industrial and provident society” (in each place except in section 1A) substitute “ a registered society ”.

57

In section 1A (Welsh bodies) for paragraph (b) (not including the “or” at the end of it) substitute—

(b) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 (in this Part, a “registered society”) whose registered office for the purposes of that Act is in Wales,

58

In section 2(1)(b) (eligibility for registration) for the words from “a society” to “1965” substitute “ a registered society ”.

59

(1) Section 48(2) (powers of the manager: transfer of engagements) is amended as follows.

(2) For “section 51 or 52 of the Industrial and Provident Societies Act 1965” substitute “ section 110 or 112 of the Co-operative and Community Benefit Societies Act 2014 ”.

(3) For the second sentence substitute—

In particular, it does not prejudice any right of a creditor of the society.

60

In section 57 (definitions relating to industrial and provident societies) in the heading for “industrial and provident societies” substitute “ registered societies ”.

61

In section 59(1)(b) (meaning of “officer” of registered social landlord) for “section 74 of the Industrial and Provident Societies Act 1965” substitute “ section 149 of the Co-operative and Community Benefit Societies Act 2014 ”.

62

In section 60(1)(c) (meaning of “subsidiary”) for “the Friendly and Industrial and Provident Societies Act 1968” substitute “ Part 7 of the Co-operative and Community Benefit Societies Act 2014 ”.

63

In section 61(2) (meaning of “associate”) for “the Friendly and Industrial and Provident Societies Act 1968” substitute “ Part 7 of the Co-operative and Community Benefit Societies Act 2014 ”.

64

(1) Section 64 (index of defined expressions: Part 1) is amended as follows.

(2) In the entry for “co-opted member” for “industrial and provident society” substitute “ registered society ”.

(3) Omit the entry for “industrial and provident society”.

(4) In the appropriate place insert—

registered society	section 1A.

65

(1) Schedule 1 (regulation of registered social landlords) is amended as follows.

(2) In the heading before paragraph 8 for “Industrial and provident society” substitute “ Registered society ”.

(3) In the heading before paragraph 9 for “industrial and provident society” substitute “ registered society ”.

(4) In paragraph 9—

(a) in sub-paragraph (4) for the words from “section” to “1965” substitute “ section 16 of the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”) ”;

(b) in sub-paragraph (5)—

(i) for “The Industrial and Provident Societies Act 1965” substitute “ The 2014 Act ”;

(ii) for “section 10” substitute “ section 16 ”.

(5) In the heading before paragraph 12 for “industrial and provident society” substitute “ registered society ”.

(6) In paragraph 12—

(a) in sub-paragraph (2) for paragraphs (a) to (c) substitute—

(a) section 109 of the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”) (amalgamation of societies), (b) section 110 of that Act (transfer of engagements between societies), or (c) section 112 of that Act (conversion of society into a company etc),

;

(b) in sub-paragraph (4)(b) for the words from “section 55(3)” to the end substitute “ section 123(3)(a) of the 2014 Act. ”;

(i) for the words from “section” to “1965” substitute “ section 121 of the 2014 Act ”;

(ii) for “section 58(6)” substitute “ section 122 ”.

(7) In paragraph 13(4) for the words from “section 53” to “society)” substitute “ section 115 of the Co-operative and Community Benefit Societies Act 2014 (conversion of company into registered society) ”.

(8) In paragraph 14(1)(b) for “section 55(1)(a) of the Industrial and Provident Societies Act 1965” substitute “ section 123 of the Co-operative and Community Benefit Societies Act 2014 ”.

(9) In paragraph 15—

(a) in sub-paragraph (1)(a) for the words from “section 55(1)(a)” to “dissolution)” substitute “ section 119 or 123 of the Co-operative and Community Benefit Societies Act 2014 (dissolution by instrument of dissolution or by winding up) ”;

(b) in sub-paragraph (2) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

(10) In paragraph 15H—

(a) in sub-paragraph (1)(b) for “another industrial and provident society” substitute “ another registered society ”;

(b) in sub-paragraph (3) for “another industrial and provident society” substitute “ another registered society ”;

(c) in sub-paragraph (4) for “section 50 of the Industrial and Provident Societies Act 1965” substitute “ section 109 of the Co-operative and Community Benefit Societies Act 2014 ”.

(11) In the heading before paragraph 17 for “Industrial and provident societies” substitute “ Registered societies ”.

(12) In paragraph 17—

(a) in sub-paragraph (1) for “industrial and provident societies” substitute “ registered societies ”;

(b) for sub-paragraph (2) substitute—

(2) Section 85 of the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”) (duty to obtain accountant's report) has effect, in its application to such a landlord, with the omission of subsection (1)(b) (accountant's report required only where turnover exceeds a specified sum).

;

(b) section 83 of the 2014 Act (duty to appoint auditors) did not apply for the year because of a resolution under section 84 of that Act (power to disapply auditing requirements).

;

(d) for sub-paragraph (5) substitute—

(5) In this paragraph “qualified auditor” and “year of account” have the same meaning as in Part 7 of the 2014 Act (for “year of account” see sections 77 and 78 of that Act).

Scotland Act 1998 (c. 46)

66

In Part 2 of Schedule 5 to the Scotland Act 1998, in the definition of “social landlord” in Section C2 (insolvency), for “a society registered under the Industrial and Provident Societies Act 1965” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 ”.

Greater London Authority Act 1999 (c. 29)

67

In section 34A(4) of the Greater London Authority Act 1999 (restriction on exercise of certain powers except through a taxable body) in paragraph (b) of the definition of “company” for the words from the beginning to “1965 or” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or deemed to be registered under ”.

Financial Services and Markets Act 2000 (c. 8)

68

The Financial Services and Markets Act 2000 is amended as follows.

69

In section 138K(5)(c) (consultation: mutual societies) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

70

In section 355(1) (interpretation of Part 24) in the definition of “body” for “an industrial and provident society” substitute “ a registered society ”

71

Section 417(1) (definitions) is amended as follows.

(1) Omit the definition of “industrial and provident society”.

(2) Insert in the appropriate place—

“registered society” (except where otherwise indicated) means— (a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, or (b) a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969;

72

In Part 2 of Schedule 11A (transferable securities) in paragraph 7(2) for sub-paragraph (d) substitute—

(d) a registered society that— (i) is registered under the Co-operative and Community Benefit Societies Act 2014 as a community benefit society, (ii) is a pre-commencement society within the meaning of that Act that was registered in accordance with section 2(2)(a)(ii) of that Act, or (iii) is registered in accordance with section 1(2)(b) of the Industrial and Provident Societies Act (Northern Ireland) 1969;

Terrorism Act 2000 (c. 11)

73

(1) Paragraph 2(1)(a) of Schedule 3A to the Terrorism Act 2000 (regulated sector and supervisory authorities) is amended as follows.

(2) For “section 6 of the Industrial and Provident Societies Act 1965 (maximum shareholding in society)” substitute “ section 24 of the Co-operative and Community Benefit Societies Act 2014 (maximum interest in a society's withdrawable shares) ”.

(3) For “section 7(3)” substitute “ section 67(2) ”.

Political Parties, Elections and Referendums Act 2000 (c. 41)

74

The Political Parties, Elections and Referendums Act 2000 is amended as follows.

75

In section 26(8)(b) (financial structure of registered party: adoption of scheme) for the words from “or a society” to “1965 or” substitute “ , a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered (or deemed to be registered) under ”.

76

In section 54(2)(g) (permissible donors) for the words from “or a society” to “1965 or” substitute “ , a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered (or deemed to be registered) under ”.

77

In Schedule 6 (details to be given in donation reports) in paragraph 2A(11) for “or industrial and provident society” substitute “ , a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered (or deemed to be registered) under the Industrial and Provident Societies Act (Northern Ireland) 1969, ”.

78

In Schedule 6A (details to be given in transaction reports) in paragraph 2A(10) for “or industrial and provident society” substitute “ , a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered (or deemed to be registered) under the Industrial and Provident Societies Act (Northern Ireland) 1969, ”.

Housing (Scotland) Act 2001 (asp 10)

79

(1) Section 83 of the Housing (Scotland) Act 2001 (interpretation of Part 3) is amended as follows.

(2) In subsection (1)(a)—

(a) for “an industrial and provident society” substitute “ a co-operative or community benefit society ”;

(b) for “section 74 of the Industrial and Provident Societies Act 1965” substitute “ section 149 of the Co-operative and Community Benefit Societies Act 2014 ”.

(3) In subsection (2), for “an industrial and provident society” substitute “ a co-operative or community benefit society ”.

Land Registration Act 2002 (c. 9)

80

In section 91 of the Land Registration Act 2002 (electronic dispositions: formalities), for subsection (9A) substitute—

(9A) If subsection (3) of section 53 of the Co-operative and Community Benefit Societies Act 2014 (execution of documents) applies to a document because of subsection (4) above, subsection (5) of that section (presumption of due execution) shall have effect in relation to the document with the substitution of “ authenticated ” for “signed”.

Proceeds of Crime Act 2002 (c. 29)

81

(1) Paragraph 2(1)(a) of Schedule 9 to the Proceeds of Crime Act 2002 (regulated sector and supervisory authorities) is amended as follows.

(2) For “section 6 of the Industrial and Provident Societies Act 1965 (maximum shareholding in society)” substitute “ section 24 of the Co-operative and Community Benefit Societies Act 2014 (maximum interest in a society's withdrawable shares) ”.

(3) For “section 7(3) of that Act (carrying on of banking by societies)” substitute “ section 67(2) of that Act (registered society with withdrawable share capital not to carry on banking etc) ”.

(4) For “a society registered under that Act” substitute “ a registered society within the meaning of that Act ”.

Income Tax (Earnings and Pensions) Act 2003 (c. 1)

82

(1) In Part 4 of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003 (approved share incentive plans: types of shares that may be awarded) paragraph 28 is amended as follows.

(2) In sub-paragraph (4) for “a registered industrial and provident society which is a co-operative society” substitute “ a registered co-operative society ”.

(3) For sub-paragraph (5) substitute—

(5) In sub-paragraph (4) “registered co-operative society” means— (a) a society registered as a co-operative society under the Co-operative and Community Benefit Societies Act 2014, (b) a pre-commencement society (within the meaning of that Act) that is a co-operative society within the meaning of section 2 of that Act, ... (c) a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 that is a co-operative society within the meaning of section 1 of that Act , or (d) an SCE formed in accordance with Council Regulation ( EC ) No 1435/2003 on the Statute for a European Cooperative Society.

Licensing Act 2003 (c. 17)

83

The Licensing Act 2003 is amended as follows.

84

In section 64(2) (additional conditions for supply of alcohol) for “industrial and provident societies” substitute “ registered societies ”.

85

(1) Section 65 (industrial and provident societies, friendly societies etc) is amended as follows.

(2) In the heading for “Industrial and provident societies” substitute “ Registered societies ”.

(3) In subsection (1) for paragraph (a) substitute—

(a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014,

Fire and Rescue Services Act 2004 (c. 21)

86

In section 5B(3)(b) of the Fire and Rescue Services Act 2004 (boundaries of power under section 5A) for the words from the beginning to “1965 or” substitute “ a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or deemed to be registered under ”.

Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27)

87

The Companies (Audit, Investigations and Community Enterprise) Act 2004 is amended as follows.

88

(1) Section 15D(4)(g) (permitted disclosure of information obtained under compulsory powers) is amended as follows.

(2) In sub-paragraph (i) omit “or to industrial and provident societies”.

(3) After that sub-paragraph insert—

(ia) the Credit Unions Act 1979,

(4) At the end of sub-paragraph (iv) (before the “or”) insert—

(v) the Co-operative and Community Benefit Societies Act 2014;

89

In section 53(b) (ceasing to be a community interest company) for “an industrial and provident society” substitute “ a registered society ”.

90

(1) Section 56 (becoming an industrial and provident society) is amended as follows.

(2) In subsection (1) for “section 53 of the Industrial and Provident Societies Act 1965” substitute “ section 115 of the Co-operative and Community Benefit Societies Act 2014 ”.

(3) In the heading for “an industrial and provident society” substitute “ a registered society ”.

Housing Act 2004 (c. 34)

91

(1) In Schedule 14 to the Housing Act 2004 (buildings that are not HMOs for certain purposes) paragraph 2B is amended as follows.

(2) In sub-paragraph (3) for paragraph (a) (not including the “and” at the end of it) substitute—

(a) is registered as a co-operative society under the 2014 Act or is a pre-commencement society (within the meaning of that Act) that meets the condition in section 2(2)(a)(i) of that Act,

(3) In sub-paragraph (4) for the definition of “the 1965 Act” substitute—

“the 2014 Act” means the Co-operative and Community Benefit Societies Act 2014;

Income Tax (Trading and Other Income) Act 2005 (c. 5)

92

The Income Tax (Trading and Other Income) Act 2005 is amended as follows.

93

In sections 367(3) and 369(2) for “industrial and provident society payments” substitute “ payments by registered societies or certain co-operatives ”.

94

(1) Section 379 (industrial and provident society payments) is amended as follows.

(2) For the heading substitute “ Payments by registered societies or certain co-operatives ”.

(3) In subsection (1)(a) for “registered industrial and provident society” substitute “ registered society ”.

(4) In subsection (2) for the definition of “registered industrial and provident society” (not including the “and” at the end of it) substitute—

“registered society” means— (a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, ... (b) a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, (c) a society registered as a credit union under the Credit Unions (Northern Ireland) Order 1985 ( S.I. 1985/1205 (N.I. 12)), or (d) an SCE formed in accordance with Council Regulation ( EC ) No 1435/2003 on the Statute for a European Cooperative Society,

95

In section 483(3) (exclusion of credit union group life policies) for paragraph (a) (not including the “or” at the end of it) substitute—

(a) the Co-operative and Community Benefit Societies Act 2014,

Charities and Trustee Investment (Scotland) Act 2005 (asp 10)

96

The Charities and Trustee Investment (Scotland) Act 2005 is amended as follows.

97

(1) Section 56 (conversion of charity which is a company or registered friendly society: applications) is amended as follows.

(2) In subsection (1)(b) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”

(3) In subsection (7) for “section 52(3) of the Industrial and Provident Societies Act 1965” substitute “ section 113(2) of the Co-operative and Community Benefit Societies Act 2014 ”.

98

In section 58(3)(b) (conversion: supplementary) for “Industrial and Provident Societies Act 1965” substitute “ Co-operative and Community Benefit Societies Act 2014 ”.

Companies Act 2006 (c. 46)

99

The Companies Act 2006 is amended as follows.

100

(1) Section 461(4)(g) (permitted disclosure of information obtained under compulsory powers) is amended as follows.

(2) In sub-paragraph (i) omit “or to industrial and provident societies”.

(3) After that sub-paragraph insert—

(ia) the Credit Unions Act 1979,

(4) At the end of sub-paragraph (iv) (before the “or”) insert—

(v) the Co-operative and Community Benefit Societies Act 2014;

101

In section 1099(3)(e) (registrar's index of company names etc) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

102

(1) In Part 2 of Schedule 2 (permitted disclosure for purposes of section 948 of Act) paragraph 37 is amended as follows.

(2) In sub-paragraph (a) omit “or to industrial and provident societies”.

(3) After sub-paragraph (aa) insert—

(ab) the Credit Unions Act 1979;

(4) After sub-paragraph (d) insert—

(e) the Co-operative and Community Benefit Societies Act 2014.

103

(1) In Part 2 of Schedule 11A (permitted disclosure for purposes of section 1224A of Act) paragraph 52 is amended as follows.

(2) In sub-paragraph (a) omit “or to industrial and provident societies”.

(3) After sub-paragraph (aa) insert—

(ab) the Credit Unions Act 1979;

(4) After sub-paragraph (d) insert—

(e) the Co-operative and Community Benefit Societies Act 2014.

Income Tax Act 2007 (c. 3)

104

The Income Tax Act 2007 is amended as follows.

105

(1) Section 151(1) (interpretation of Chapter 6 of Part 4) is amended as follows.

(2) In the definition of “excluded company” in paragraph (d) for “registered industrial and provident society” substitute “ registered society ”.

(3) For the definition of “registered industrial and provident society” substitute—

“registered society” means— (a) a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, ... (b) a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, or (c) an SCE formed in accordance with Council Regulation ( EC ) No 1435/2003 on the Statute for a European Cooperative Society,

106

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

107

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

108

In section 853(2)(b)(iii) (meaning of “deposit-taker”) for “the Industrial and Provident Societies Act 1965” substitute “ the Co-operative and Community Benefit Societies Act 2014 ”.

109

In section 874(5)(a) (duty to deduct from certain payments of yearly interest) for “registered industrial and provident society” substitute “ registered society ”.

110

(1) Section 887 (industrial and provident society payments) is amended as follows.

(2) For the heading substitute “ Payments made by registered societies ”.

(3) In subsection (1)(a) for “registered industrial and provident society” substitute “ registered society ”.

(4) In subsection (2) for “registered industrial and provident society” substitute “ registered society ”.

(5) For subsection (5) substitute—

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