Irish Co-op Law – very brief update

In 2013, I wrote about Co-op Law reform proposals in the Republic of Ireland (ROI). They led to this 2014 legislation  which just dealt with some key problems like capital limits. The old industrial and provident societies  legislation from the 1890’s basically still applies there with some amendments.

This issue has been raised in the Community Shares Google Group on the question of whether UK style “community shares” are possible in ROI. As Dave Hollings of CMS has pointed out in response to Dave Boyle’s question on this, the issue is probably about ROI rules on prospectuses, financial promotion and the like. I don’t know the answer for sure but I suspect there may be no exemption for industrial and provident society shares there of the kind we have for co-op and bencom shares here in the UK. However, that needs to be properly checked. The treatment of shares in the new asset locked and limited purpose Designated Activities Companies allowed under Part 16 of the ROI Companies Act 2014 might repay careful study. See the general outline information here.

One day, I hope to find the time to delve into the ROI Companies Act 2014 and associated legislation. If anyone could beat me to that and share their findings, that would be great.

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