New Update to Handbook of Co-op and Bencom Law

This month an Updating Supplement to the Handbook of Co-operative and Community Benefit Society Law was published. It is a separate soft back, or ePDF publication of 108 pages and is organised by reference to Chapter and paragraph numbers in the 2014 Handbook so that the two can easily be used together.

It deals with the main legal changes that have affected societies since the publication of the Handbook in 2014. The main coverage is devoted to the FCA’s November 2015 Finalised guidance 15/12, Guidance on the FCA’s registration function under the Co-operative and Community Benefit Societies Act 2014 which gives new and definitive guidance on the FCA’s view on what is required to be and remain a co-operative or a community benefit society. This has particularly important implications for the first registration of societies, their approach to interest on share capital, surplus distribution, and rule amendments.

The Supplement also covers some recent case law with implications for  directors’ duties and for making sure that a co-op using a company structure gives each member one vote rather than one share one vote when shares are used. The update also covers changes to the legal sources that deal with credit union regulation now that the February 2016 PRA Credit unions handbook is available.

For anyone using the Handbook, it’s important to get hold of the Update which is available in hard copy and ePDF form from Jordan Publishing.

Like the Handbook that it updates, the Updating Supplement is the fruit of a collaboration between Co-operatives UK and Jordan Publishing with yours truly as the sole author of the update.

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