A private members bill working steadily through Parliament is set to clean up the definition of 'Industrial and Provident Societies' along with Co-Operatives and Credit Unions.
Labour's Malcolm Wicks introduced the Co-operative and Community Benefit Societies and Credit Unions Bill and it is now going to the House of Lords. The Bill replaces the archaic legal definition of ‘industrial and provident society’ with ‘co-operative and community benefit society’. It is unknown what effect this might have (legal or financial) on existing societies.
For more information, see Co-Operative News, May 28 2009 or the Parliament Notes on the Bill.
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