Co-operative and Community Benefit Societies Act 2014

It consolidates existing legislation relating to (what were then called) industrial and provident societies, as well as introducing some reforms.Its enactment coincided with a number of reforms to the law applying to societies which were implemented by secondary legislation.This process is facilitated by the existence of "model rules" developed by various federal bodies, which reduce the legal costs.However, a co-operative society may not carry on business "with the object of making profits mainly for the payment of interest, dividends or bonuses on money".Most societies provide for a notice period and for the suspension of withdrawals to mitigate against the risk of capital flight.As a charity by definition exists for public and not private benefit, cooperative societies cannot achieve charitable status.Where a charitable community benefit society pays interest on shares, this comes under special scrutiny: the Charity Commission has published guidelines.
Parliament of the United KingdomLong titleCitationRoyal assentIndustrial and Provident Societies Act 1965Co-operatives and Community Benefit Societies Act 2003legislation.gov.ukindustrial and provident societiesCo-operative and Community Benefit Societies and Credit Unions Act 2010Great BritainNorthern IrelandFinancial Conduct Authorityco-operativesworking men's clubsmutualhousing associationssocial enterprisesFinancial Services and Markets ActCredit unionsbuilding societiesFriendly SocietiesEngland and Walesexempt charityCharity CommissionHM Revenue and CustomsIndustrial and provident societyUK legislationList of English statutesCharter of LibertiesMagna CartaActs of parliaments1225–12671275–13071308–1325Temp. incert.1327–13761377–13971399–14111413–14211422–1460Petition of RightInterregnum (1642–1660)Habeas Corpus ActBill of RightsUnion with Scotland ActRescinded (1639–1651)Claim of RightUnion with England ActKingdom of Great BritainParliament of Ireland1169–11921200–12991300–13991400–14991500–15991600–16901691–17001701–17101711–17201721–17301731–17401741–17501751–17601761–17701771–17801781–17901791–1800Acts of ParliamentHalsbury's StatutesShort titlesEuropean UnionEuropean Communities1972 to dateChurch of EnglandChurch of England Assembly (Powers) Act 1919devolvedParliament of Northern IrelandNorthern Ireland Assembly (1973)Scottish ParliamentSenedd CymruNorthern Ireland AssemblySecondary legislationUnited Kingdom statutory instrumentsOrder in CouncilList of Privy Council ordersfor Northern IrelandScottish statutory instrumentsActs of SederuntActs of AdjournalChurch of England instrumentsWelsh statutory instrumentsCooperativesmutual organizationsConsumerWorkerPurchasingRetailerFederationInternational Co-operative AllianceCooperative wholesale societyBankingCredit unionMutual savings bankSavings and loan associationBuilding societyHousingBuildingCohousingStudent housingHousing societyegalitariancommuneAgriculturalCollective farmingReforestationWinemakingWheat poolUtilityCommunity wind energyElectricTelephoneBroadbandHealth insurance cooperativeMutual insuranceRecyclingPlatformSocial servicesFriendly societyStokvelRochdale PrinciplesICA Statement on the Cooperative IdentityCo-operative economicsCooperative federalismDistributismEconomic democracyGuild socialismMutualismNeo-capitalismOwenismSocial enterpriseSocialismSocially responsible investingSolidarity economyG. D. H. ColeCharles GideDavid GriffithsWilliam KingRobert OwenFriedrich Wilhelm RaiffeisenDavid SchweickartRochdale PioneersBeatrice WebbCanadaUkraineUnited KingdomUnited StatesCo-operative Commonwealth FederationUnited Farmers of AlbertaCo-operative PartyNepal Co-operative PartyHistory of the cooperative movement