industrial and provident society

(redirected from Provident society)
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industrial and provident society

an organization conducting an industry, business or trade, either as a co-operative or for the benefit of the community, and which is registered under the Industrial and Provident Societies Acts 1965 to 2002. They may under certain conditions convert to become an ordinary limited company.

A community benefit society is a special type of industrial and provident society which provides benefits to the community like housing associations or clubs. Its assets maybe protected from distribution other than to similar bodies.