Why must a Registered Society be a Co-op or Bencom?
That caused me to dig out an old paper of mine from 2001 which discussed the history and referred to some of the sources on that one. The key vital definition was a pragmatic addition, made only in 1939, to a law already 80 plus years old. This was done to deal with the use of societies for investment frauds because they were not subject to the same prospectus disclosure requirements as companies when issuing shares.
Here's the article in the interests of dissemination to interested lawyers and co-operators. Some of the footnotes lead in to fuller materials e.g. Hansard and key Government reports that led to the change. Sorry about the quality of the document but I had to scan it in as the Journal has not yet gone that far back with its archiving.
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Labels: abuse of co-operative society, bona fide co-operative, co-operative identity, Industrial and Provident Societies Act 1965, Prevention of Fraud (Investments) Act 1939, prospectus requirements avoided