Legal News for UK Co-ops and Mutuals

This is a blog where brief information about developments in UK Co-op and mutual law will be reported. Readers of this blog will also find Linda Barlow's Co-operatives UK Blog at helpful. For an network of academics working on co-ops, mutuals and social enterprises visit

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Location: Leicestershire, United Kingdom

Interested in sharing information and knowledge around legal issues for co-ops and social enterprises in the co-oplawnews blog and thoughts on random issues in the "real" blog.

Thursday, December 10, 2009

Law Reform Progress for I & P Societies and Credit Unions

The draft Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2010 has now been laid before Parliament. Here is the Explanatory Memorandum.

It follows on from the previous consultation documents and process.

Commencement seems to have gone back to 1st July 2010. The liberalisation of share capital rules (abolition of the £20,000 limit for non-withdrawable shareholdings) is probably the most exciting aspect for I & P's. For credit unions there are many new features, including: the possibility of corporate members; the possibility of paying interest rather than dividend on share capital; and a redefinition and further relaxation of the common bond concept.


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