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.

Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Christ Church is the parish church of the town and stands tall in the centre, which itself is awash with architectural features, such as the top half of the Consett Industrial and Provident Society Ltd building.
OneSavings Bank is owned by Kent Reliance Provident Society Ltd (KRPS).
A new business plan has been released by the organisation outlining its vision for a region operated through a subsidiary of Valleys Rugby Community Benefit Society - a type of industrial provident society which would provide for community ownership.
Tregarth-based Moelyci Environmental Centre, set on a 340-acre site near Bangor, emerged as an important environmental, educational and community base for families and professionals since it was established by residents as an Industrial and Provident Society in 2003.
Funeral Plans are provided by The Co-operative Life Planning Limited (CLP) (IP308IR), an Industrial and Provident Society incorporated in England and Wales whose registered office is New Century House, Corporation Street, Manchester, M60 4ES.
Funeral Plans are provided by The Co-operative Life Planning, an Industrial and Provident Society incorporated in England and Wales (IP3081R), a wholly owned subsidiary of The Co-operative Group Limited (IP525R).
The case concerns the French scheme that obliges all enterprises and employees in the traditional bakery sector to be affiliated with AG2R Prevoyance, a not-for-profit provident society governed by private law, administered jointly by its member companies and their employees.
Muckle LLP helped residents and supporters of the George and Dragon in Hudswell create an Industrial and Provident Society (IPS) to raise funds to buy and refit the pub.
The existing industrial and provident society that currently runs Bees will be liquidated at a creditors gathering on October 23.
As an industrial and provident society they are not able to call in administrators, although this latest scheme will have the similar effect of allowing them to retain their position in the sport's pyramid.
Andy Mitchell, one of the fans, said any new club would be run as an industrial and provident society which means it would be a supporters' co-operative to give each fan a voice.