Co-operatives and Community Benefit Societies Act 2003 (repealed)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Treasury may by regulations make provision for enabling any community benefit society, or any community benefit society of a prescribed kind, to ensure that— cannot be used or dealt with except in a case mentioned in subsection (2).
assets of the society of a prescribed kind,
assets of the society specified by it in accordance with the regulations, or
all of the society’s assets,
The cases are—
where the use or dealing is, directly or indirectly, for a purpose that is for the benefit of the community and is of a prescribed kind or, if no kinds of purpose are prescribed under this paragraph, for any purpose that is for the benefit of the community; or
where the circumstances are such as may be prescribed.
Where under the regulations a society has ensured as mentioned in subsection (1) as respects any of its assets, the assets concerned are “dedicated assets” for the purposes of this section.
Regulations under this section may, in particular—
provide for the procedure by which a society may ensure as mentioned in subsection (1);
provide for such of a society’s rules as are of a prescribed kind to be unalterable, or for them to be alterable only in prescribed circumstances or in circumstances specified in rules of a prescribed kind;
provide that, in any circumstances prescribed under subsection (2)(b), dedicated assets must be dealt with in a prescribed way;
make provision for ensuring that any society, company or other person to whom any dedicated assets are transferred in prescribed circumstances cannot use or deal with those assets except in a case mentioned in subsection (2);
provide for members of a society who lose property rights as a result of the society’s ensuring as mentioned in subsection (1) to be compensated for that loss (whether by payment of a prescribed amount or of an amount determined in a prescribed way or otherwise), subject to such exceptions as may be prescribed;
provide for the enforcement of provisions designed to ensure as mentioned in subsection (1);
make provision for the carrying out of investigations by persons appointed by a prescribed person;
confer power on a prescribed person to require persons of a prescribed description to provide him with information in order to enable or assist him to perform any of his functions under the regulations;
provide for restrictions on the use and disclosure of information obtained by any person in the performance of any function under the regulations.
Regulations under this section may—
impose criminal liability;
confer functions on a prescribed person;
confer jurisdiction on any court;
authorise a prescribed person to make rules, binding on persons of a prescribed description, for the purpose of enabling or assisting him to perform any of his functions under the regulations;
make provision as to the making, publication and enforcement of such rules;
provide for a prescribed person to charge fees sufficient to meet the costs of performing any of his functions under the regulations;
modify, exclude or apply (with or without modifications) any enactment or rule of law;
contain such incidental, consequential and supplemental provision as the Treasury consider appropriate;
make different provision for different cases.
Regulations under this section may not create any new criminal offence punishable with imprisonment for more than seven years.
The power to make regulations under this section is exercisable by statutory instrument.
No regulations may be made under this section unless a draft of the regulations has been laid before Parliament and approved by a resolution of each House.
In this section—
“community benefit society” means a society registered (or deemed to be registered) under the 1965 Act which fulfils the condition in section 1(2)(b) of that Act;
“enactment” includes an enactment comprised in—
an Act of the Scottish Parliament;
subordinate legislation, whether made under an Act or an Act of the Scottish Parliament; and
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
After section 29 of the 1965 Act insert—
In section 76 of the 1965 Act, after subsection (2) insert—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
After section 29A of the 1965 Act (which is inserted by section 4) insert—
In section 3 of the 1965 Act (registration to effect incorporation of society), omit “a common seal and with”.
In subsection (6) of section 5 of the 1965 Act (registered name of society) omit “engraven in legible characters on its seal and”.
In subsection (7) of that section—
omit paragraph (a); and
in paragraph (b) for “that name” substitute “the society’s registered name”.
Omit section 36 of the 1965 Act (provision about the execution of documents by societies in Scotland, which has been superseded and repealed there but which remains in force elsewhere).
In section 76(2) of the 1965 Act (provisions which apply to Northern Ireland societies that have recorded their rules with the Financial Services Authority), for “26 to” substitute “26 to 29, 29B to 29D,”.
For paragraph 13 of Schedule 1 to the 1965 Act substitute—
In section 91 of the Land Registration Act 2002 (c. 9) (formalities in relation to electronic dispositions) after subsection (9) insert—
The Schedule to this Act (which contains repeals made as a result of this section) shall have effect.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The preceding provisions of this Act shall come into force on such day as the Treasury may by order appoint, and different days may be so appointed for different purposes.
An order under this section shall be made by statutory instrument and may contain such transitional provisions as appear to the Treasury to be necessary or expedient.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Her Majesty may by Order in Council direct that any provision of this Act or any instrument made under or by virtue of it shall extend, with such modifications (if any) as may be specified in the Order, to any of the Channel Islands.
An Order in Council under this section may contain such transitional, incidental or supplementary provision as appears to Her Majesty to be necessary or expedient.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This Act may be cited as the Co-operatives and Community Benefit Societies Act 2003 and this Act and the Industrial and Provident Societies Acts 1965 to 2002 may be cited together as the Industrial and Provident Societies Acts 1965 to 2003.
Section 5(8) extends to England and Wales only.
This Act does not extend to Northern Ireland.
Section 5(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .