Co-operative and Community Benefit Societies Act 2014 in Scotland
2014 c. 14 · Enacted 14 May 2014 · Extends to United Kingdom
An Act to consolidate certain enactments relating to co-operative societies, community benefit societies and other societies registered or treated as registered under the Industrial and Provident Societies Act 1965, with amendments to give effect to recommendations of the Law Commission and the Scottish Law Commission.
[14th May 2014]
C1C2C3C4Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C5C6
Annotations to the whole text
Modifications
- C1
Act restricted by 1979 c. 34, s. 2(3) (as amended (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 3(3) (with Sch. 5))
- C2
Act modified by 1979 c. 34, s. 31(3) (as amended (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 16(4)(a) (with Sch. 5))
- C3
Act applied by Housing Act 1996 (c. 52), Sch. 1 para. 9(5) (as amended (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 65(4)(b)(i) (with Sch. 5))
- C4
Act excluded by Housing and Regeneration Act 2008 (c. 17), s. 167(5)(ca) (as inserted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 131(3)(b) (with Sch. 5))
- C5
Act applied (with modifications) by The Insurance Accounts Directive (Miscellaneous Insurance Undertakings) Regulations 2008 (S.I. 2008/566), Sch. 1 (as inserted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 15 (with reg. 2(6)(7)))
- C6
Act excluded by 2010 asp 17, s. 106(7)(a) (as substituted (8.3.2019) by Housing (Amendment) (Scotland) Act 2018 (asp 13), ss. 6(14)(b), 11(2); S.S.I. 2018/253, reg. 2(2))
Contents
- Part 1: Registration
- Introduction
- 1Meaning of “registered society”
- Registration
- 2Societies that may be registered
- 3Registration
- 4Registration etc: special cases
- Cancellation of registration
- 5Cancellation of registration: conditions for cancellation
- 6Cancellation of registration: procedure and effect
- 7Cancellation of registration: additional procedure in cases involving condition D
- Suspension of registration
- 8Suspension of registration
- Appeals
- 9Appeal against refusal to register or cancellation or suspension of registration
- Part 2: Name, rules, powers etc
- Name and charitable status
- 10A society's name
- 11Registered name to be displayed and used
- 12Charitable status to appear on documents etc
- 13Change of name
- Rules: general
- 14Content of a society's rules
- 15Rules to bind members
- 16Amendment of rules
- 17Appeal against refusal to register amendment of rules
- 18Duty to provide copy of rules on demand
- Rules: supplementary provisions
- 19Provision of rules with intent to mislead or defraud
- 20Creation of offences by a society's rules
- 21Rules as to fund for purchase of government securities
- 22Rules of agricultural, horticultural or forestry society may provide for loans without security
- 23Supplementary provisions as to rules
- Maximum shareholding
- 24Maximum interest in a society's withdrawable shares
- 25Power to amend limit in section 24
- Power to hold land
- 26Power to hold land etc
- Power to invest etc
- 27Power to invest
- 28Proxy voting by societies
- Power to restrict use of assets
- 29Power to restrict use of assets of a community benefit society
- Part 3: Members and officers
- Register of members and officers
- 30Register of members and officers
- Provisions about certain kinds of member etc
- 31Members under 18
- 32Bodies corporate may be members
- 33Society a member of another society: references to members making and signing documents etc
- Dealings with members
- 34Advances to members
- 35Remedies for members' debts
- 36Payments in respect of persons lacking capacity
- Distribution of member's property in society on death
- 37Nomination by member of entitlement to property in society on member's death
- 38Section 37: variation and revocation of nominations
- 39Section 37: procedure on death
- 40Death of member: distribution of property not exceeding £5,000
- Officers and employees in charge of money etc
- 41Security to be given by certain officers
- 42Duty of certain officers and employees to account
- Part 4: A society's capacity and related matters
- Capacity of society and power of committee to bind it
- 43Capacity of a society and relationship with its rules
- 44Special resolutions under section 43
- 45Power of committee to bind society
- 46No duty to enquire as to capacity of society or authority of committee
- 47Application of sections 43 and 45 to charitable societies
- 48Transactions with committee members etc in excess of powers
- 49Section 48: definitions
- Seals
- 50Common seal
- 51Power of society to have official seal for use abroad
- 52Authorisation of use of official seal
- Execution of documents
- 53Methods for execution of documents: England and Wales
- 54Method for execution of contracts under seal: England and Wales
- 55Execution of documents: Scotland
- 56Execution of documents: presumption of validity of officer's signature
- Other matters
- 57Contracts, deeds and obligations made before registration of society
- 58Bills of exchange and promissory notes
- Part 5: Charges over a society's assets
- 59Charges on assets of English and Welsh societies
- 60Section 59: power to extend time for making application or to rectify errors
- 61Notification of transactions relating to charges recorded under section 59
- Chapter 2: Charges: Scotland
- 62Floating charges created by Scottish societies
- 63Filing of information relating to charges created by virtue of section 62
- 64Notification of charges etc: Scotland
- Chapter 3: Receiver or manager of society's property
- 65English and Welsh societies: restriction on appointment of administrative receiver
- 66Duty to account etc of receiver or manager of a society's property
- Part 6: Banking and lending by societies
- Banking
- 67Registered society with withdrawable share capital not to carry on banking etc
- 68Power to amend figures in section 67(2)
- 69Society carrying on banking must display statement
- 70Section 69: form of statement
- Discharge of charges securing lending by a registered society
- 71Discharge of mortgages of property in England and Wales
- 72Discharge of securities: land in Scotland
- 73Discharge of securities: other property in Scotland
- 74Receipt on payment of moneys secured to a society
- Part 7: Accounts, audit and annual returns
- Books of account
- 75Duty to keep books of account etc
- 76Form of books of account
- Year of account
- 77Year of account: societies registered on or after 8 January 2012
- 78Year of account: societies registered on or before 7 January 2012
- Accounts and balance sheets
- 79Duty to prepare revenue accounts
- 80Accounts and balance sheets to give a true and fair view
- 81Duty to display latest balance sheet at registered office
- 82Restrictions on publication of accounts and balance sheets
- Auditing of accounts etc
- 83Duty to appoint auditors
- 84Power of certain societies to disapply section 83
- 85Duty to obtain report in certain cases where section 83 is disapplied
- 86Power to require accounts etc for past years to be audited by qualified auditor
- 87Auditors: content of report and powers
- 88Persons appointed under section 82 or 85: powers etc
- Annual returns
- 89Annual returns
- 90Duty to provide copy of annual return on demand
- Auditors
- 91Meaning of “qualified auditor”
- 92Persons ineligible for appointment as auditors etc
- 93Re-appointment and removal of qualified auditors
- 94Resolutions relating to appointment or removal of auditors
- 95Resolutions relating to auditors: auditors' representations
- 96Section 95: provision of auditor's representations by making available on website
- 97Remuneration of qualified auditors
- Group accounts
- 98Group accounts
- 99Section 98: exceptions
- Interpretation of Part 7
- 100Meaning of company being a “subsidiary” of a society
- 101Meaning of society being a “subsidiary” of another society
- 102Interpretation of Part 7
- Part 8: Inspection and investigations
- Power to inspect books etc
- 103Power of members etc to inspect own account and society's register
- 104Power of society to make rules authorising inspection of books
- 105Power of FCA to appoint accountant or actuary to inspect a society's books
- Inspectors and special meetings
- 106Appointment of inspectors and calling of special meetings
- 107Section 106: examinations and special meetings
- General restriction on inspection
- 108General restriction on inspection of books
- Part 9: Amalgamations, conversions, dissolution etc
- Amalgamations and transfers of engagements between societies etc
- 109Amalgamation of societies
- 110Transfer of engagements between societies
- 111Special resolutions under section 109 or 110
- Conversion of society into company etc
- 112Conversion of society into a company, amalgamation with a company etc
- 113Special resolutions under section 112
- 114Conversion of society into a company: supplementary
- Conversion of company into society
- 115Conversion of company into a registered society
- 116Conversion of company into a society: member's shareholding in company exceeds maximum permitted amount
- 117Conversion of company into a society: no effect on liabilities
- Voluntary arrangements and administration
- 118Power to apply provisions about company arrangements and administration etc
- Dissolution by an instrument of dissolution
- 119Dissolution of society by an instrument of dissolution
- 120Special resolutions under section 119
- 121Instruments of dissolution: notification to FCA etc
- 122Instruments of dissolution: advertisement, dissolution etc
- Dissolution on winding up
- 123Dissolution of society on winding up
- 124Liability of existing and former members in winding up
- Dissolution following administration
- 125Dissolution following administration
- Restriction on dissolution etc
- 126Dissolution etc to occur only after society's property dealt with
- Part 10: Offences
- Offences
- 127General offences
- 128Offences by societies to be also offences by officers etc
- 129Continuing offences
- 130Misappropriation of a society's property etc
- 131Falsification of a society's records etc
- Prosecution of offences
- 132Prosecution of offences: persons who may bring proceedings and time for bringing them
- 133Prosecution of societies: service of summons etc
- Part 11: Miscellaneous and general
- Application of company law etc
- 134Power to amend this Act to assimilate to company law
- 135Power to apply company law provisions on investigations, names and dissolution etc
- 136Section 135: power to make consequential amendments
- Determination of disputes
- 137Determination of disputes in accordance with a society's rules
- 138Determination of disputes under section 137: application to the court
- 139Determination of disputes otherwise than under a society's rules
- 140Determination of disputes: supplementary
- Other miscellaneous provisions
- 141Recovery of costs and expenses
- Northern Ireland societies
- 142Northern Ireland societies to be treated as registered societies
- Documents
- 143Form of documents etc
- 144Form etc of electronic documents sent to FCA or PRA
- 145Fees for inspection and copying of documents
- 146Certain documents to be received in evidence
- Regulations and orders
- 147Regulations and orders
- Interpretation
- 148Meaning of “electronic form”, “by electronic means” etc
- 149Interpretation of Act
- Part 12: Final provisions
- 150Pre-commencement societies
- 151Amendments, repeals etc
- 152Channel Islands
- 153Extent
- 154Commencement
- 155Short title
- Schedule 1: Forms of bond for officers of society
- Part 1: Forms applicable in England, Wales and Channel Islands
- Form AChapter Form A
- Form BChapter Form B
- Part 2: Form applicable in Scotland
- Form CChapter Form C
- Schedule 2: Form of receipt on mortgage, heritable security etc
- Part 1: Forms applicable in England and Wales
- Form AChapter Form A
- Form BChapter Form B
- Part 2: Forms applicable in Scotland
- Form CChapter Form C
- Form DChapter Form D
- Form EChapter Form E
- Form FChapter Form F
- Schedule 3: Provision for certain pre-commencement societies
- Introduction
- 1Paragraph 1
- Section 5 (cancellation of registration): societies registered before 26 July 1938
- 2Paragraph 2
- Powers of a society registered on or before 1 January 1894
- 3Paragraph 3
- Section 15: amendments registered on or before 27 March 1928 increasing a member's financial contribution
- 4Paragraph 4
- Preservation of certain rules facilitating investment in government securities (section 21)
- 5Paragraph 5
- Maximum shareholding (section 24): effect of certain resolutions on society's rules
- 6Paragraph 6
- Maximum deposits: effect of resolution on rules of societies registered before 27 April 1952
- 7Paragraph 7
- Maximum deposits: effect on certain resolutions on society's rules
- 8Paragraph 8
- The 1968 Act: consequential amendments to rules
- 9Paragraph 9
- Section 37 (nomination by member of entitlement to property in society on member's death): nominations made before 5 August 1954
- 10Paragraph 10
- Section 50 (common seals)
- 11Paragraph 11
- Section 59 (charges on assets of English and Welsh societies): instruments executed before 14 September 1967
- 12Paragraph 12
- Section 104 (inspection of books: power to authorise inspection)
- 13Paragraph 13
- Section 108 (inspection of books: general restriction)
- 14Paragraph 14
- Part 9: winding up of societies registered before 26 July 1938
- 15Paragraph 15
- Schedule 4: Consequential amendments
- Part 1: Amendments of the Credit Unions Act 1979
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- Part 2: Amendments of other Acts
- Forged Transfers Act 1891 (c. 43)
- 19Paragraph 19
- Libraries Offences Act 1898 (c. 53)
- 20Paragraph 20
- Stock Transfer Act 1963 (c. 18)
- 21Paragraph 21
- Transport Act 1968 (c. 73)
- 22Paragraph 22
- National Savings Bank Act 1971 (c. 29)
- 23Paragraph 23
- Local Government Act 1972 (c. 7)
- 24Paragraph 24
- Friendly Societies Act 1974 (c. 46)
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- Industrial Common Ownership Act 1976 (c. 78)
- 31Paragraph 31
- Housing Act 1985 (c. 68)
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- Housing Associations Act 1985 (c. 69)
- 36Paragraph 36
- Finance Act 1986 (c. 41)
- 37Paragraph 37
- Company Directors Disqualification Act 1986 (c. 46)
- 38Paragraph 38
- Housing (Scotland) Act 1987 (c. 26)
- 39Paragraph 39
- Income and Corporation Taxes Act 1988 (c. 1)
- 40Paragraph 40
- Local Government and Housing Act 1989 (c. 42)
- 41Paragraph 41
- 42Paragraph 42
- 43Paragraph 43
- Opticians Act 1989 (c. 44)
- 44Paragraph 44
- Enterprise and New Towns (Scotland) Act 1990 (c. 35)
- 45Paragraph 45
- Taxation of Chargeable Gains Act 1992 (c. 12)
- 46Paragraph 46
- 47Paragraph 47
- 48Paragraph 48
- 49Paragraph 49
- 50Paragraph 50
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53
- Trade Union and Labour Relations (Consolidation) Act 1992 (c. 52)
- 54Paragraph 54
- Housing Act 1996 (c. 52)
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- 59Paragraph 59
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63
- 64Paragraph 64
- 65Paragraph 65
- Scotland Act 1998 (c. 46)
- 66Paragraph 66
- Greater London Authority Act 1999 (c. 29)
- 67Paragraph 67
- Financial Services and Markets Act 2000 (c. 8)
- 68Paragraph 68
- 69Paragraph 69
- 70Paragraph 70
- 71Paragraph 71
- 72Paragraph 72
- Terrorism Act 2000 (c. 11)
- 73Paragraph 73
- Political Parties, Elections and Referendums Act 2000 (c. 41)
- 74Paragraph 74
- 75Paragraph 75
- 76Paragraph 76
- 77Paragraph 77
- 78Paragraph 78
- Housing (Scotland) Act 2001 (asp 10)
- 79Paragraph 79
- Land Registration Act 2002 (c. 9)
- 80Paragraph 80
- Proceeds of Crime Act 2002 (c. 29)
- 81Paragraph 81
- Income Tax (Earnings and Pensions) Act 2003 (c. 1)
- 82Paragraph 82
- Licensing Act 2003 (c. 17)
- 83Paragraph 83
- 84Paragraph 84
- 85Paragraph 85
- Fire and Rescue Services Act 2004 (c. 21)
- 86Paragraph 86
- Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27)
- 87Paragraph 87
- 88Paragraph 88
- 89Paragraph 89
- 90Paragraph 90
- Housing Act 2004 (c. 34)
- 91Paragraph 91
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- 92Paragraph 92
- 93Paragraph 93
- 94Paragraph 94
- 95Paragraph 95
- Charities and Trustee Investment (Scotland) Act 2005 (asp 10)
- 96Paragraph 96
- 97Paragraph 97
- 98Paragraph 98
- Companies Act 2006 (c. 46)
- 99Paragraph 99
- 100Paragraph 100
- 101Paragraph 101
- 102Paragraph 102
- 103Paragraph 103
- Income Tax Act 2007 (c. 3)
- 104Paragraph 104
- 105Paragraph 105
- 106Paragraph 106 Repealed
- 107Paragraph 107 Repealed
- 108Paragraph 108
- 109Paragraph 109
- 110Paragraph 110
- 111Paragraph 111
- 112Paragraph 112
- Building Societies (Funding) and Mutual Societies (Transfers) Act 2007 (c. 26)
- 113Paragraph 113
- 114Paragraph 114
- 115Paragraph 115
- Serious Crime Act 2007 (c. 27)
- 116Paragraph 116
- Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3)
- 117Paragraph 117
- 118Paragraph 118
- 119Paragraph 119
- 120Paragraph 120
- Housing and Regeneration Act 2008 (c. 17)
- 121Paragraph 121
- 122Paragraph 122
- 123Paragraph 123
- 124Paragraph 124
- 125Paragraph 125
- 126Paragraph 126
- 127Paragraph 127
- 128Paragraph 128
- 129Paragraph 129
- 130Paragraph 130
- 131Paragraph 131
- 132Paragraph 132
- 133Paragraph 133
- 134Paragraph 134
- 135Paragraph 135
- 136Paragraph 136
- 137Paragraph 137
- Local Transport Act 2008 (c. 26)
- 138Paragraph 138
- Counter Terrorism Act 2008 (c. 28)
- 139Paragraph 139
- Corporation Tax Act 2009 (c. 4)
- 140Paragraph 140
- 141Paragraph 141
- 142Paragraph 142
- 143Paragraph 143
- 144Paragraph 144
- 145Paragraph 145
- 146Paragraph 146
- Finance Act 2009 (c. 10)
- 147Paragraph 147
- Local Democracy, Economic Development and Construction Act 2009 (c. 20)
- 148Paragraph 148
- 149Paragraph 149
- 150Paragraph 150
- 151Paragraph 151
- 152Paragraph 152
- 153Paragraph 153
- 154Paragraph 154
- Corporation Tax Act 2010 (c. 4)
- 155Paragraph 155
- 156Paragraph 156
- 157Paragraph 157
- 158Paragraph 158
- 159Paragraph 159
- 160Paragraph 160
- 161Paragraph 161
- 162Paragraph 162
- 163Paragraph 163
- 164Paragraph 164
- 165Paragraph 165
- 166Paragraph 166
- 167Paragraph 167
- 168Paragraph 168
- 169Paragraph 169
- 170Paragraph 170
- Taxation (International and Other Provisions) Act 2010 (c. 8)
- 171Paragraph 171
- Finance Act 2010 (c. 13)
- 172Paragraph 172
- Finance Act 2011 (c. 11)
- 173Paragraph 173
- Localism Act 2011 (c. 20)
- 174Paragraph 174
- 175Paragraph 175
- 176Paragraph 176
- 177Paragraph 177
- 178Paragraph 178
- 179Paragraph 179
- Public Bodies Act 2011 (c. 24)
- 180Paragraph 180
- Charities Act 2011 (c. 25)
- 181Paragraph 181
- 182Paragraph 182
- 183Paragraph 183
- Schedule 5: Transitionals and savings
- Continuity of the law
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Effect of old transitionals and savings
- 7Paragraph 7
- 8Paragraph 8
- Use of existing forms etc
- 9Paragraph 9
- Meaning of “enactment”
- 10Paragraph 10
- Schedule 6: Transitory modifications etc
- Establishment of a single county court
- 1Paragraph 1
- Amendments relating to the punishment of offences in England and Wales
- 2Paragraph 2
- Land Registration etc. (Scotland) Act 2012 (asp 5)
- 3Paragraph 3
- Schedule 7Repeals and revocations