96.Pursuant to regulations made under section 1 of the Co-operatives and Community Benefit Societies Act 2003 all of the Society's assets are subject to a restriction on their use. Reg No. Company winding up procedures have always applied to societies. Hansard source (Citation: Co-operatives and CommunityBenefit Societies Bill Deb, 18 March 2003, c21) Mr Simon Thomas Plaid Cymru, Ceredigion New clause 4(2) would insert a new subsection in section 76 of the Industrial and Provident Societies Act 1965 , which would state: Co-operative and community benefit societies are societies that are incorporated under the Cooperative and Community Benefit Societies Act 2014 (Societies). The network for Britain's thousands of co-operatives, Co‑operatives UK works to promote, develop and unite member-owned businesses worth £37.7 billion to the economy. The Industrial and Provident Societies Act 1965 (c. 12) was an Act of the Parliament of the United Kingdom that regulated industrial and provident societies in Great Britain and the Channel Islands. It built on Gareth Thomas’s earlier Act by providing an asset lock for community benefit societies including housing associations, community child care facilities and football supporters’ trusts. Section 100 of the Finance Act 2003 defines a company as including any body corporate and so this means that HMRC apply the Provisions to Societies. IECBS has been registered with the Financial Conduct Agency as a community benefit society (No. 2776RS) as defined by the Co-operatives and Community Benefit Societies Act 2003. The second Bill piloted by the Co-operative party was Mark Todd’s, which became the Co-operatives and Community Benefit Societies Act 2003. Reporting for societies The Co-operative and Community Benefit Societies Act 2014 replaces the 1965, 1967, 1975, 1978 and 2002 Industrial and Provident Societies Acts; the Friendly and Industrial and Provident Societies Act 1968; the Co-operatives and Community Benefit Societies Act 2003; and the Co operative and Community Benefit Societies and Credit Unions Act 2010. Benefit Societies and Credit Unions Act 2010 comes into effect. the Co-operative and Community Benefit Societies Act 2014 ("CCBSA 2014") with effect from 1 August 2014. Although they are covered by the same legislation, co-operatives differ from community benefit societies.

Section 1 .

2783R Vat Reg. The rescue procedures of administration and company voluntary arrangement and the … The Society must not use or deal with its assets except: (a) Where the use or dealing is, directly or indirectly, for a purpose that is for the benefit of the community; A co-operative conducts its business in the interests of its members, whereas, community benefit societies (bencoms) trade for the benefit of a wider community… A community benefit society has as its main purpose to conduct business for the benefit the community. 147 8611 47. Registered in England as a registered society under the Co-operative and Community Benefit Societies Act 2014.