The Co-operatives and Community Benefit Societies Act 2003 (c. 15) was an act of the Parliament of the United Kingdom.
Provisions The act allowed community benefit societies to implement safeguards for their assets in perpetuity. To use an asset lock under the legislation there had to be a membership vote of over 50% supporting the proposal, a board vote of over 75% supporting it, and a second vote at a general meeting to ratify it.
The act only affected community benefit societies and not cooperatives. It remained illegal for co-operatives to introduce asset locks after the 2003 act.
Implementation The regulations under the act came into force on 6 April 2006
Subsequent developments The whole act was repealed by section 154 of, and schedule 7 to, the Co-operative and Community Benefit Societies Act 2014, which came into force on 1 August 2014.
See also Co-operative and Community Benefit Societies Act 2014 Co-operative and Community Benefit Societies and Credit Unions Act 2010 Industrial and provident society
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