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Co-operative and Community Benefit Societies and Credit Unions Act 2010

Type of Bill:
Private Members' Bill (Starting in the House of Lords)
Sponsors:
Lord Tomlinson
Malcolm Wicks

Progress of the Bill

Bill started in the House of Lords

  1. House of Lords
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  2. House of Commons
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  3. Consideration of Amendments
  4. Royal Assent

Last event

Act of Parliament

House Act Date
Commons Co-operative and Community Benefit Societies and Credit Unions Act 2010 c.7 | PDF version, 1MB 18.03.2010

Latest news on the Co-operative and Community Benefit Societies and Credit Unions Act 2010

Following agreement by both Houses on the text of the Bill it received Royal Assent on 18 March. The Bill is now an Act of Parliament (law).

Summary of the Co-operative and Community Benefit Societies and Credit Unions Act 2010

The Co-operative and Community Benefit Societies and Credit Unions Bill is a Private Members’ Bill which has government support.  It was introduced in the 2008-09 Session of Parliament by Malcolm Wicks, Labour MP for Croydon North. 

The Bill completed all its Commons stages but was not able to finish its passage through the House of Lords before the end of the session, having only had a Second Reading debate. 
The Bill has been re-introduced, with only minor changes.

The Bill is the latest in a series of measures which have reformed and modernised the regulatory position and commercial organisation of what is often described as the ‘third sector’ in financial services: the loose grouping of organisations with mutual status and whose classifications reflect their industrial origins such as the industrial and provident societies and credit unions. 

Key areas

  • requires new industrial and provident societies (other than credit unions) to be registered as co-operative or community benefit societies
  • re-names the Industrial and Provident Societies Acts
  • applies the Company Directors Disqualification Act 1986 to industrial and provident societies
  • gives the Treasury powers to apply to industrial and provident societies, with appropriate modifications, company law on the investigation of companies, company names and dissolution and restoration to the register
  • gives the Treasury powers to make provisions for credit unions corresponding to any provisions applying to building societies

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Related information

Guide to the passage of a Bill

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