Resource information
This Act, which extends to England and Wales and Scotland, consolidates legislation on co-operative and community benefit societies (formerly known as industrial and provident societies). The Act concerns registration etc. of societies and administration and operation of registered societies. A large part of the Act is dedicated to financial arrangement affecting registered societies. A society for carrying on any industry, business or trade (including dealings of any kind with land) which meets specified conditions may be registered under this Act as— (a) a co-operative society, or (b) a community benefit society. Agricultural, horticultural or forestry society may provide for loans without security. The fact that the society’s rules provide for the making of such advances without security is not a ground for refusing to register those rules. A registered society may— (a) (unless its registered rules provide otherwise) hold, purchase or take a lease of any land in its own name; (b) sell, exchange, mortgage or lease any such land; (c) construct, alter or demolish buildings on it.
Amends: Land Registration etc. (Scotland) Act 2012 (2012 asp 5). (2012-07-10)
