UK: the Co-operative and Community Benefit Societies and Credit Unions Bill

A copy of the Co-operative and Community Benefit Societies and Credit Unions Bill was published last week. The Bill is a Private Members' Bill - its clauses were, however, prepared by the Government - and was introduced in the House of Commons on 21 January 2009 by Malcolm Wicks MP. The Bill is due to receive its second reading on 24 April. Its purpose, as explained in the explanatory note prepared by HM Treasury (with the consent of Malcolm Wicks) is:

• to require new industrial and provident societies (other than credit unions) to be registered as co-operative or community benefit societies
  
• to re-name the Industrial and Provident Societies Acts
• to apply the Company Directors Disqualification Act 1986 to industrial and provident societies
  
• to give the Treasury powers to apply to industrial and provident societies, with appropriate modifications, company law on investigation of companies, company names and dissolution and restoration to the register (Parts 14 and 15 of the Companies Act 1985 and Parts 5 and 31 of the Companies Act 2006)
  
• to give the Treasury powers to make provisions for credit unions corresponding to any provisions applying to building societies

Some of these proposals, including those relating to disqualification, were considered a year or two ago by the Government in its review of the Great Britain co-operative and credit union legislation.