The Co-operative and Community Benefit Societies and Credit Unions Act 2010 (Commencement No 2) Order 2014 (the Order) has been published.
The Order, which was made on 30 January 2014, brings into force sections 1 and 3 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (2010 Act):
- section 1, which requires all new industrial and provident societies (IPSs) to be registered by the FCA as co-operative societies or as community benefit societies, comes into force on 1 August 2014;
- section 3, which applies the Company Directors Disqualification Act 1986 to societies registered or deemed to be registered under the Industrial and Provident Societies Act 1965, comes into force on 6 April 2014; however
- sections 4 to 7 of the 2010 Act came into force on 1 December 2013.