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HM Treasury

Consultations & legislation

Proposals for a Legislative Reform Order for Credit Unions and Industrial & Provident Societies in Great Britain

08 March 2010

The Treasury published a consultation document on a Legislative Reform Order (LRO) to amend the legislation for Credit Unions and Industrial & Provident Societies (IPS) in Great Britain. The LRO is the Government’s legislative response to the June 2007 consultation on the “Review of GB cooperative and credit union legislation”.

Among the LRO’s proposals are:

For Credit Unions: Replacing the “common bond” requirement for credit unions with a “field of membership” test; allowing credit unions to admit bodies corporate, unincorporated associations or partnerships to their membership and allowing credit unions to offer interest on deposits provided certain conditions are met.

For Industrial & Provident Societies: Modifying the provision on minimum age for membership of an IPS and minimum age for becoming an officer of an IPS; modifying the rules on share capital and giving societies the flexibility to choose their own year-ends.

The document is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.

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This document summarises the responses to the consultation on "Proposals for a Legislative Reform Order for Credit Unions and Industrial & Provident Societies in Great Britain" and sets out the Government’s implementation proposals.

The draft Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2010

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