Co-operatives and Community Benefit Societies Act 2003

Co-operatives and Community Benefit Societies Act 2003[a]
Act of Parliament
coat of arms
Parliament of the United Kingdom
Long titleAn Act to enable the law relating to co-operatives and community benefit societies registered under the Industrial and Provident Societies Act 1965 to be amended so as to bring it into conformity with certain aspects of the law relating to companies; to permit a registered society whose business is conducted for the benefit of the community to provide that its assets are dedicated permanently for that purpose; and for connected purposes.
Citation2003 c. 15
Territorial extent 
[b]
Dates
Royal assent10 July 2003
Commencement
  • 10 July 2003 (sections 7–9)
  • 20 October 2003 (sections 4–6)[c]
  • 1 April 2004 (section 2 and 3)[c]
  • 13 December 2004 (section 1)[d]
Repealed1 August 2014
Other legislation
Amends
Repealed byCo-operative and Community Benefit Societies Act 2014
Status: Repealed
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

The Co-operatives and Community Benefit Societies Act 2003 (c. 15) was an act of the Parliament of the United Kingdom.[1]

Provisions

The act allowed community benefit societies to implement safeguards for their assets in perpetuity.[2] To use an asset lock under the legislation there had to be a membership vote of over 50% supporting the proposal, a board vote of over 75% supporting it, and a second vote at a general meeting to ratify it.[3]

The act only affected community benefit societies and not cooperatives.[4] It remained illegal for co-operatives to introduce asset locks after the 2003 act.[5]

Implementation

The regulations under the act came into force on 6 April 2006 [4]

Subsequent developments

The whole act was repealed by section 154 of, and schedule 7 to, the Co-operative and Community Benefit Societies Act 2014, which came into force on 1 August 2014.[6]

See also

Notes

  1. ↑ Section 9(1).
  2. ↑ Section 9(2)–(3).
  3. 1 2 Section 7. The Co-operatives and Community Benefit Societies Act 2003 (Commencement No. 1) Order 2003 (SI 2003/2678).
  4. ↑ Section 7. The Co-operatives and Community Benefit Societies Act 2003 (Commencement No. 2) Order 2004 (SI 2004/3257).

References

  1. ↑ "Co-operative and Community Benefit Societies Act 2014". parliament.uk. Retrieved 26 April 2015.
  2. ↑ Maltby, Paul (2003). "In the Public Interest: assessing the potential of Public Interest Companies" (PDF). IPPR. Retrieved 19 June 2026.
  3. ↑ Supporters Direct (15 July 2011). "Financing Supporter Community Ownership" (PDF). Football Supporters Association. Retrieved 20 June 2026.
  4. 1 2 Snaith, Ian (30 March 2007). "Recent reforms to corporate legal structures for social enterprise in the UK: opportunity or confusion?". Social Enterprise Journal. 3 (1): 20–30. doi:10.1108/17508610780000719. ISSN 1750-8614.
  5. ↑ Tortia, Ermanno (30 March 2018). "The Firm as a Common. Non-Divided Ownership, Patrimonial Stability and Longevity of Co-Operative Enterprises". Sustainability. 10 (4): 1023. Bibcode:2018Sust...10.1023T. doi:10.3390/su10041023. hdl:11572/205942. ISSN 2071-1050.
  6. ↑ "Co-operative and Community Benefit Societies Act 2014", legislation.gov.uk, The National Archives, 2014 c. 14
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