Overview

This bill aims to modernize and simplify the legislation governing co-operative and community benefit societies in the UK. It streamlines existing laws, making them clearer and easier to understand for the societies and their members, and bringing them in line with modern practices and technology.

Description

The Co-operative and Community Benefit Societies Bill [HL] is a consolidating and amending Bill. It simplifies and clarifies existing legislation, consolidating laws from various Acts and Statutory Instruments passed since 1965 into a single, updated act. Key aspects include:

• Consolidation: The bill brings together disparate legislation relating to co-operative and community benefit societies into a single, more coherent body of law.
• Modernization: It updates the law to reflect modern business practices and technological advancements, particularly in relation to electronic communication.
• Simplification: It simplifies complex provisions, making the legislation easier for societies and their members to understand and comply with.
• Amendments: The bill incorporates various amendments to improve the existing legislative framework. These amendments cover various aspects of operations, governance, and administration.

Government Spending

The bill is primarily a consolidating and amending measure. While it doesn't directly allocate new funding, its effects on administrative burdens could lead to indirect cost savings for both the government and co-operative/community benefit societies due to simplification and clarity of the law.

Groups Affected

• Co-operative and Community Benefit Societies: These societies will be directly affected by the changes, with a potential reduction in administrative costs and burdens. They might need to review their internal processes and documentation to conform to the new legislation.
• Members of Co-operative and Community Benefit Societies: Members will benefit from a simpler and more transparent legal framework governing their societies.
• Regulators: The regulatory bodies overseeing these societies may also see changes in their work processes due to the streamlined legislation.

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