IPS legislation consultation
Co‑operativesUK has been wording very closely with the Treasury and the Financial Services Authority on the proposals for reform of society law.
Whilst we would ideally seek a new co‑operatives act to update the legislation comprehensively, this at the moment is unlikely, so the legislation is being updated by a variety of legal mechanisms, these will include making use of the Treasury's existing powers, statutory instruments, legislative reform orders and private members bills.
The next stage in this process is a Legislative Reform Order, "Proposal for a Legislative Reford Order for Credit Unions and Industrial & Provident Societies in Great Britain", which the Treasury published in July. The content of this order and future amendments is built on the detailed consultations we have carried out with the sector and our members to ensure changes proposed reflect the needs of the societies who use the legislation. These include :
- the option of allowing people under 16 to become members,
- changing the limits on transferable share capital, and
- removing the requirement to have interim accounts audited.
In order to keep the momentum going and ensure commitment from the Treasury to continue to work on this area it is very important that the movement responds to the consultation documents when they are produced.
To read the full consultation document visit the HM Treasury website.
Co‑operativesUK has completed its response to the consultation, and urges all of its members to submit responses of their own. You can download a word version of the response by clicking here, and can use this as the basis of your own response to the Treasury consultation if you wish.
Deadline for responses to the treasury is 15th October 2008.
If you do submit a response please send Co‑operativesUK a copy to paul.dale.smith@cooperatives-uk.coop.