industrial and 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.

References in periodicals archive ?
Mutual Care can now register as an Industrial and Provident Society after North Eastern and Cumbrian Co-op's community dividend fund donated pounds 700 to their cause.
KENT RELIANCE yesterday said it would become an industrial and provident society as it outlined further details of its groundbreaking tie-up with private equity firm JC Flowers.
Moelyci, established as an Industrial and Provident Society in 2003, now has nearly 500 members, who also act as shareholders.
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