Long title | An Act 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. |
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Citation | 2010 c. 7 |
Introduced by | Lord Tomlinson and Malcolm Wicks [1] |
Territorial extent | England and Wales Scotland Northern Ireland (only to amend existing legislation) |
Dates | |
Royal assent | 18 March 2010 |
Other legislation | |
Amended by | Co-operative and Community Benefit Societies Act 2014 |
Status: Partially repealed | |
History of passage through Parliament | |
Text of statute as originally enacted | |
Text of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. |
The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7) is an Act of the Parliament of the United Kingdom that received royal assent on 18 March 2010.
The Act provides that:
The Bill was first presented (first reading) in the House of Lords on 19 November 2009 and received its third reading on 14 January 2010. [4] It was first read in the House of Commons on 14 January 2010 and received its third reading on 12 March 2010. [4]
A friendly society is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs, ASCAs, burial societies, chit funds, etc.
Mark Wainwright Todd is a British Labour Party politician who was the Member of Parliament (MP) for South Derbyshire from 1997 to 2010.
An industrial and provident society (IPS) is a body corporate registered for carrying on any industries, businesses, or trades specified in or authorised by its rules.
The United Kingdom is home to a widespread and diverse co-operative movement, with over 7,000 registered co-operatives owned by 17 million individual members and which contribute £34bn a year to the British economy. Modern co-operation started with the Rochdale Pioneers' shop in the northern English town of Rochdale in 1844, though the history of co-operation in Britain can be traced back to before 1800. The British co-operative movement is most commonly associated with The Co-operative brand which has been adopted by several large consumers' co-operative societies; however, there are many thousands of registered co-operative businesses operating in the UK. Alongside these consumers' co-operatives, there exist many prominent agricultural co-operatives (621), co-operative housing providers (619), health and social care cooperatives (111), cooperative schools (834), retail co-operatives, co-operatively run community energy projects, football supporters' trusts, credit unions, and worker-owned businesses.
Southern Co-op is a regional consumer co-operative in the United Kingdom. The principal activities of the Society are food retailing, funerals and cafés. It operates more than 300 convenience stores as well as funeral homes and Starbucks franchises. Its operations are mainly located in the southern English counties of Berkshire, Bristol, Buckinghamshire, Cornwall, Devon, Dorset, Hampshire, Isle of Wight, Kent, London, Somerset, Surrey, Sussex and Wiltshire. Southern Co-op society is owned by over 170,000 members who share in the business's profits and democratically control its operations. It was previously registered as an Industrial and Provident Society, but its status is now as a mutual society under the Co-operative and Community Benefit Societies Act 2014.
The Libraries Offences Act 1898 is an Act of the Parliament of the United Kingdom, applying in England and Wales.
Co-op Insurance is the trading name of CIS General Insurance, a general insurance company, which is part of the Co-operative Group, based in Manchester, United Kingdom. Co-op Insurance Services, an insurance intermediary incorporated in 2017, is a wholly owned subsidiary of CIS General Insurance.
An exempt charity is an institution established in England and Wales for charitable purposes which is exempt from registration with, and oversight by, the Charity Commission for England and Wales.
The Heart of England Co-operative Society is an independent consumer co-operative in the United Kingdom. Based in Coventry, the Society trades in the English counties of West Midlands, Warwickshire, Leicestershire and Northamptonshire.
The Channel Islands' Co-operative Society is a long-established consumer co-operative with stores in the Channel Islands. Its head office is located in Saint Helier in Jersey.
The Industrial and Provident Societies Act 1965 was an Act of the Parliament of the United Kingdom that regulated industrial and provident societies in Great Britain and the Channel Islands.
London Mutual Credit Union Limited (LMCU) is a not-for-profit member-owned financial co-operative, based in Peckham and operating in the City of Westminster and the London boroughs of Southwark, Lambeth and Camden. The primary lines of business include retail banking, deposit-taking and lending.
Credit unions in the United Kingdom were first established in the 1960s. Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members.
Hornsey (FIA) Co-operative Credit Union Limited was a savings and loans co-operative, established in the Municipal Borough of Hornsey, now part of the London Borough of Haringey, in 1964. One of the earliest credit unions in the United Kingdom, it merged with London Capital Credit Union in 2013.
The Co-op Credit Union is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom.
The Co-operative and Community Benefit Societies Act 2014 (c.14) is an Act of the Parliament of the United Kingdom that received royal assent on 14 May 2014.
The Co-operatives and Community Benefit Societies Act 2003 (c.15) was an Act of the Parliament of the United Kingdom that received royal assent.
The Lincolnshire Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lincoln and operating throughout the county in the English Midlands. In 2011, the credit union had approximately 2,000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are previous trading names of Lincolnshire Credit Union.
Thamesbank Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Hayes and operating in the south west London Boroughs of Hounslow, Richmond upon Thames, Wandsworth, Kingston upon Thames and the Spelthorne district in Surrey.
A company register is a register of organizations in the jurisdiction they operate under.