Law

Co-operative and Community Benefit Societies Act 2014

United Kingdom · statute

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In force since 2023-08-29, as the publisher states.

Copy read on 2026-11-08. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 163 provisions
  1. Title and introductory text
  2. 1 Meaning of “registered society”
  3. 2 Societies that may be registered
  4. 3 Registration
  5. 4 Registration etc: special cases
  6. 5 Cancellation of registration: conditions for cancellation
  7. 6 Cancellation of registration: procedure and effect
  8. 7 Cancellation of registration: additional procedure in cases involving condition D
  9. 8 Suspension of registration
  10. 9 Appeal against refusal to register or cancellation or suspension of registration
  11. 10 A society's name
  12. 11 Registered name to be displayed and used
  13. 12 Charitable status to appear on documents etc
  14. 13 Change of name
  15. 14 Content of a society's rules
  16. 15 Rules to bind members
  17. 16 Amendment of rules
  18. 17 Appeal against refusal to register amendment of rules
  19. 18 Duty to provide copy of rules on demand
  20. 19 Provision of rules with intent to mislead or defraud
  21. 20 Creation of offences by a society's rules
  22. 21 Rules as to fund for purchase of government securities
  23. 22 Rules of agricultural, horticultural or forestry society may provide for loans without security
  24. 23 Supplementary provisions as to rules
  25. 24 Maximum interest in a society's withdrawable shares
  26. 25 Power to amend limit in section 24
  27. 26 Power to hold land etc
  28. 27 Power to invest
  29. 28 Proxy voting by societies
  30. 29 Power to restrict use of assets of a community benefit society
  31. 30 Register of members and officers
  32. 31 Members under 18
  33. 32 Bodies corporate may be members
  34. 33 Society a member of another society: references to members making and signing documents etc
  35. 34 Advances to members
  36. 35 Remedies for members' debts
  37. 36 Payments in respect of persons lacking capacity
  38. 37 Nomination by member of entitlement to property in society on member's death
  39. 38 Section 37: variation and revocation of nominations
  40. 39 Section 37: procedure on death
  41. 40 Death of member: distribution of property not exceeding £5,000
  42. 41 Security to be given by certain officers
  43. 42 Duty of certain officers and employees to account
  44. 43 Capacity of a society and relationship with its rules
  45. 44 Special resolutions under section 43
  46. 45 Power of committee to bind society
  47. 46 No duty to enquire as to capacity of society or authority of committee
  48. 47 Application of sections 43 and 45 to charitable societies
  49. 48 Transactions with committee members etc in excess of powers
  50. 49 Section 48: definitions
  51. 50 Common seal
  52. 51 Power of society to have official seal for use abroad
  53. 52 Authorisation of use of official seal
  54. 53 Methods for execution of documents: England and Wales
  55. 54 Method for execution of contracts under seal: England and Wales
  56. 55 Execution of documents: Scotland
  57. 56 Execution of documents: presumption of validity of officer's signature
  58. 57 Contracts, deeds and obligations made before registration of society
  59. 58 Bills of exchange and promissory notes
  60. 59 Charges on assets of English and Welsh societies
  61. 60 Section 59: power to extend time for making application or to rectify errors
  62. 61 Notification of transactions relating to charges recorded under section 59
  63. 62 Floating charges created by Scottish societies
  64. 63 Filing of information relating to charges created by virtue of section 62
  65. 64 Notification of charges etc: Scotland
  66. 65 English and Welsh societies: restriction on appointment of administrative receiver
  67. 66 Duty to account etc of receiver or manager of a society's property
  68. 67 Registered society with withdrawable share capital not to carry on banking etc
  69. 68 Power to amend figures in section 67(2)
  70. 69 Society carrying on banking must display statement
  71. 70 Section 69: form of statement
  72. 71 Discharge of mortgages of property in England and Wales
  73. 72 Discharge of securities: land in Scotland
  74. 73 Discharge of securities: other property in Scotland
  75. 74 Receipt on payment of moneys secured to a society
  76. 75 Duty to keep books of account etc
  77. 76 Form of books of account
  78. 77 Year of account: societies registered on or after 8 January 2012
  79. 78 Year of account: societies registered on or before 7 January 2012
  80. 79 Duty to prepare revenue accounts
  81. 80 Accounts and balance sheets to give a true and fair view
  82. 81 Duty to display latest balance sheet at registered office
  83. 82 Restrictions on publication of accounts and balance sheets
  84. 83 Duty to appoint auditors
  85. 84 Power of certain societies to disapply section 83
  86. 85 Duty to obtain report in certain cases where section 83 is disapplied
  87. 86 Power to require accounts etc for past years to be audited by qualified auditor
  88. 87 Auditors: content of report and powers
  89. 88 Persons appointed under section 82 or 85: powers etc
  90. 89 Annual returns
  91. 90 Duty to provide copy of annual return on demand
  92. 91 Meaning of “qualified auditor”
  93. 92 Persons ineligible for appointment as auditors etc
  94. 93 Re-appointment and removal of qualified auditors
  95. 94 Resolutions relating to appointment or removal of auditors
  96. 95 Resolutions relating to auditors: auditors' representations
  97. 96 Section 95: provision of auditor's representations by making available on website
  98. 97 Remuneration of qualified auditors
  99. 98 Group accounts
  100. 99 Section 98: exceptions
  101. 100 Meaning of company being a “subsidiary” of a society
  102. 101 Meaning of society being a “subsidiary” of another society
  103. 102 Interpretation of Part 7
  104. 103 Power of members etc to inspect own account and society's register
  105. 104 Power of society to make rules authorising inspection of books
  106. 105 Power of FCA to appoint accountant or actuary to inspect a society's books
  107. 106 Appointment of inspectors and calling of special meetings
  108. 107 Section 106: examinations and special meetings
  109. 108 General restriction on inspection of books
  110. 109 Amalgamation of societies
  111. 110 Transfer of engagements between societies
  112. 111 Special resolutions under section 109 or 110
  113. 112 Conversion of society into a company, amalgamation with a company etc
  114. 113 Special resolutions under section 112
  115. 114 Conversion of society into a company: supplementary
  116. 115 Conversion of company into a registered society
  117. 116 Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount
  118. 117 Conversion of company into a society: no effect on liabilities
  119. 118 Power to apply provisions about company arrangements and administration etc
  120. 119 Dissolution of society by an instrument of dissolution
  121. 120 Special resolutions under section 119
  122. 121 Instruments of dissolution: notification to FCA etc
  123. 122 Instruments of dissolution: advertisement, dissolution etc
  124. 123 Dissolution of society on winding up
  125. 124 Liability of existing and former members in winding up
  126. 125 Dissolution following administration
  127. 126 Dissolution etc to occur only after society's property dealt with
  128. 127 General offences
  129. 128 Offences by societies to be also offences by officers etc
  130. 129 Continuing offences
  131. 130 Misappropriation of a society's property etc
  132. 131 Falsification of a society's records etc
  133. 132 Prosecution of offences: persons who may bring proceedings and time for bringing them
  134. 133 Prosecution of societies: service of summons etc
  135. 134 Power to amend this Act to assimilate to company law
  136. 135 Power to apply company law provisions on investigations, names and dissolution etc
  137. 136 Section 135: power to make consequential amendments
  138. 137 Determination of disputes in accordance with a society's rules
  139. 138 Determination of disputes under section 137: application to the court
  140. 139 Determination of disputes otherwise than under a society's rules
  141. 140 Determination of disputes: supplementary
  142. 141 Recovery of costs and expenses
  143. 142 Northern Ireland societies to be treated as registered societies
  144. 143 Form of documents etc
  145. 144 Form etc of electronic documents sent to FCA or PRA
  146. 145 Fees for inspection and copying of documents
  147. 146 Certain documents to be received in evidence
  148. 147 Regulations and orders
  149. 148 Meaning of “electronic form”, “by electronic means” etc
  150. 149 Interpretation of Act
  151. 150 Pre-commencement societies
  152. 151 Amendments, repeals etc
  153. 152 Channel Islands
  154. 153 Extent
  155. 154 Commencement
  156. 155 Short title
  157. SCHEDULE 1 Forms of bond for officers of society
  158. SCHEDULE 2 Form of receipt on mortgage, heritable security etc
  159. SCHEDULE 3 Provision for certain pre-commencement societies
  160. SCHEDULE 4 Consequential amendments
  161. SCHEDULE 5 Transitionals and savings
  162. SCHEDULE 6 Transitory modifications etc
  163. SCHEDULE 7 Repeals and revocations

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163 provisions

SCHEDULE 5 Transitionals and savings

Section 151 Continuity of the law 1 The repeal and re-enactment of provisions by this Act does not affect the continuity of the law. 2 (1) This paragraph applies to a reference (express or implied) in this Act, another enactment or an instrument or document, to a provision of this Act. (2) The reference is, subject to its context, to be read as being or including a reference to the corresponding provision repealed by this Act (or any earlier corresponding provision), in relation to times, circumstances or purposes in relation to which that provision had effect. 3 (1) Sub-paragraph (2) applies to a reference (express or implied) in any enactment, instrument or document to a provision repealed by this Act. (2) The reference is, subject to its context, to be read as being or including a reference to the corresponding provision of this Act, in relation to times, circumstances or purposes in relation to which that provision has effect. 4 Any power conferred by an Act that is exercisable in relation to a provision repealed by this Act is exercisable in relation to the corresponding provision of this Act. 5 Anything done, or having effect as if done, under (or for the purposes of or in reliance on) a provision repealed by this Act, and in force or effective immediately before the time this Act comes into force, has effect after that time as if done under (or for the purposes of or in reliance on) the corresponding provision of this Act. 6 (1) Paragraphs 1 to 5 have effect in place of section 17(2) of the Interpretation Act 1978. (2) Those paragraphs are subject to any specific transitional provision or saving contained in this Act. (3) Nothing in this Schedule affects any other provision of the Interpretation Act 1978. Effect of old transitionals and savings 7 The repeals made by this Act do not affect the operation of any transitional provision or saving relating to the coming into force of a provision reproduced in this Act in so far as the transitional provision or saving is not specifically reproduced in this Act but remains capable of having effect in relation to the corresponding provision of this Act or otherwise. 8 (1) The repeal by this Act of an enactment previously repealed subject to savings does not affect the continued operation of those savings. (2) The repeal by this Act of a saving on the previous repeal of an enactment does not affect the operation of the saving in so far as it is not specifically reproduced in this Act but remains capable of having effect. Use of existing forms etc 9 Any reference to an enactment repealed by this Act which is contained in a document made, served or issued after the repeal comes into force is, subject to its context, to be read as being or including a reference to the corresponding provision of this Act. Meaning of “enactment” 10 In this Schedule “enactment” includes— (a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978, (b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament, (c) an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales, and (d) an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978.

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SCHEDULE 6 Transitory modifications etc

Section 151 Establishment of a single county court 1 (1) This paragraph applies if section 17(1) of the Crime and Courts Act 2013 (establishment of a single county court) has not been brought into force before the time this Act comes into force. (2) Until the day section 17(1) of that Act comes into force— (a) section 35(1) of this Act has effect as if the reference to the county court were to the county court whose jurisdiction contains the society's registered office or the member's residence, at the option of the society; (b) section 122(4) of this Act has effect as if the reference to the county court were to the county court having jurisdiction in the locality in which the society's office is situated; (c) section 140(2) of this Act has effect as if the reference to the county court were to a county court. Amendments relating to the punishment of offences in England and Wales 2 In relation to an offence committed before the commencement of section 280 of the Criminal Justice Act 2003, section 7(7) of this Act (penalty for offence under that section) has effect as if for paragraphs (a) and (b) there were substituted “ to a fine not exceeding level 3 on the standard scale or imprisonment for a term not exceeding 3 months (or both). ” Land Registration etc. (Scotland) Act 2012 (asp 5) 3 Until paragraph 15 of Schedule 5 to the Land Registration etc. (Scotland) Act 2012 comes into force— (a) section 52(2)(a) has effect with the omission of “or authenticated”; (b) section 55 has effect with the omission of “(or, in the case of an electronic document, authenticated)”; (c) in Part 2 of Schedule 1 the Note to Form C has effect— (i) with the substitution for “In the case of a traditional document, subscription of it” of “Subscription of the document”; (ii) with the omission of the words after “1995”; (d) in Part 2 of Schedule 2, the Note at the end has effect— (i) with the substitution for the words from the beginning to “granter” of “Subscription of the document by the granter of it”; (ii) with the omission of the words after “1995”.

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SCHEDULE 7 Repeals and revocations

Section 151 Acts Short title | Extent of repeal Industrial and Provident Societies Act 1965 (c. 12) | The whole Act. Administration of Estates (Small Payments) Act 1965 (c. 32) | In Schedule 3, the entry for section 25(1) of the Industrial and Provident Societies Act 1965. Industrial and Provident Societies Act 1967 (c. 48) | The whole Act. Friendly and Industrial and Provident Societies Act 1968 (c. 55) | The whole Act. Age of Majority (Scotland) Act 1969 (c. 39) | In Schedule 1, the entry for section 20 of the Industrial and Provident Societies Act 1965. Family Law Reform Act 1969 (c. 46) | In section 19, subsection (2) and, in subsection (3), the words from “and subsection (2)” to the end. In Schedule 1, the entry for section 20 of the Industrial and Provident Societies Act 1965. Friendly Societies Act 1974 (c. 46) | In Schedule 9, paragraphs 18 and 22. Industrial and Provident Societies Act 1975 (c. 41) | The whole Act. Industrial and Provident Societies Act 1978 (c. 34) | The whole Act. County Courts Act 1984 (c. 28) | In Schedule 2, paragraph 29. Housing (Consequential Provisions) Act 1985 (c. 71) | In Schedule 2, paragraph 8. Finance Act 1986 (c. 41) | Section 24(4) and (5). Building Societies Act 1986 (c. 53) | In Schedule 18, paragraph 6. Local Government Finance Act 1992 (c. 14) | In Schedule 13, paragraph 13. Friendly Societies Act 1992 (c. 40) | Section 83. Welsh Language Act 1993 (c. 38) | Section 28. Requirements of Writing (Scotland) Act 1995 (c. 7) | In Schedule 4, paragraphs 42 and 43. Arbitration Act 1996 (c. 23) | In Schedule 3, paragraph 20. Financial Services and Markets Act 2000 (c. 8) | Part 4 of Schedule 18. Housing (Scotland) Act 2001 (asp 10) | In Schedule 10, paragraph 2. Industrial and Provident Societies Act 2002 (c. 20) | The whole Act. Enterprise Act 2002 (c. 40) | Section 255(1)(a). Co-operatives and Community Benefit Societies Act 2003 (c. 15) | The whole Act. Criminal Justice Act 2003 (c. 44) | In Schedule 25, paragraphs 60 and 61. Fire and Rescue Services Act 2004 (c. 21) | In Schedule 1, paragraph 19. Civil Partnership Act 2004 (c. 33) | In Schedule 27, paragraph 24. Constitutional Reform Act 2005 (c. 4) | In Schedule 7, in list A in paragraph 4, the entry for section 69 of the Industrial and Provident Societies Act 1965. Mental Capacity Act 2005 (c. 9) | In Schedule 6, paragraph 11. Charities Act 2006 (c. 50) | In Schedule 8, paragraph 47. Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7) | Sections 1 and 2. Section 4. Localism Act 2011 (c. 20) | Section 185(2) to (4). Public Bodies Act 2011 (c. 24) | Section 36(2) and (3). Charities Act 2011 (c. 25) | In Schedule 7, paragraphs 14 and 16. In Schedule 9, paragraphs 5, 27 and 28. Finance Act 2012 (c. 14) | In Schedule 7, paragraph 24(3). In Schedule 8, paragraph 22(3). Land Registration etc. (Scotland) Act 2012 (asp 5) | In Schedule 5, paragraph 15. Crime and Courts Act 2013 (c. 22) | In section 61— subsection (14); in subsection (15), the words “and (14)”. In Schedule 9— in paragraph 52, the entry for section 60(8)(a) of the 1965 Act; paragraph 91. Subordinate legislation Title | Extent of revocation The Industrial and Provident Societies (Increase in Deposit-taking Limits) Order 1981 (SI 1981/394) | The whole order. The Local Government Finance (Repeals, Savings and Consequential Amendments) Order 1990 (SI 1990/776) | In Schedule 3, paragraph 9. The Deregulation (Industrial and Provident Societies) Order 1996 (SI 1996/1738) | Articles 3 to 5. Articles 7 to 9. Article 12. The Housing Act 1996 (Consequential Amendments) (No.2) Order 1997 (SI 1997/627) | In the Schedule, paragraph 1. Financial Services and Markets Act 2000 (Mutual Societies) Order 2001 (SI 2001/2617) | In Schedule 3, paragraphs 214 to 263. The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (SI 2001/3649) | Article 183 The Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006 (SI 2006/265) | The whole order. The Companies Act 2006 (Commencement No.3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (SI 2007/2194) | In Schedule 4, paragraph 29. Companies Act 2006 (Consequential Amendments etc) Order 2008 (SI 2008/948) | In Schedule 1, paragraphs 1(j), 4 and 5. The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (SI 2009/1941) | In Schedule 1, paragraphs 14 and 16. The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2010 (SI 2010/866) | In Schedule 2, paragraphs 1 and 119. The Mutual Societies (Electronic Communications) Order 2011 (SI 2011/593) | Articles 22 and 24 The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (SI 2011/2687) | Articles 3 to 7. Article 8(1). Article 9. Article 10. Housing (Scotland) Act 2010 (Consequential Provisionsand Modifications) Order 2012 (SI 2012/700) | In the Schedule, paragraph 6. The Localism Act 2011 (Consequential Amendments) Order 2012 (SI 2012/961) | In Schedule 1, paragraph 1. The Financial Services Act 2012 (Mutual Societies) Order 2013 (SI 2013/496) | Schedules 2 to 4.

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