Sunday 27 February 2022

Ireland: a new legislative framework for co-operative societies

Rather belatedly, given that the consultation period ended a couple of days ago (so, perhaps a little belatedly, to be generous on myself), I note that the Department of Enterprise, Trade and Employment is close to completing the drafting of a new legislative framework for co-operative societies: see here. The following overview, taken from the most recent consultation paper (here, pdf), explains what is planned:
The legislation will be substantive and complex in nature and likely to contain in the region of 250 heads. It will bring together, in a single statutory framework, existing provisions that are currently spread over a number of different Acts and introduce new provisions that will regulate co- operative societies in the future. It will preserve provisions which are still useful and expand and modernise other provisions to align them with the realities of the 21st century business and regulatory environment. It will also introduce new concepts, the most significant being that the co-operative model will receive specific legislative recognition and societies registering under the legislation will be required to adhere to the co-operative ethos"

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