Co-operatives, Mutuals and Friendly Societies Bill: HL Bill 106 of 2022–23
The Co-operatives, Mutuals and Friendly Societies Bill is a private member’s bill that would allow cooperatives, mutual insurers and friendly societies to choose to adopt legal restrictions on the use of their assets. Community benefit societies, a type of cooperative, already have the option to implement such statutory ‘asset locks’ to ensure a society’s assets cannot later be used for the private benefit of members. The House of Lords is scheduled to debate the bill on 24 March 2023.
