Gives co-ops, mutual insurers, and friendly societies the option to legally lock in their assets so they can only be used for their core purpose, preventing them from being sold off or split up.
A Bill to make provision to permit the capital surplus of co-operatives, mutuals and friendly societies to be non-distributable; and for connected purposes.
Status: Act of Parliament
Current House: Unassigned
Stage: Royal Assent
Sponsored by: Sir Mark Hendrick, Lord Kennedy of Southwark
Introduced: 2022-06-15
Royal Assent: 2023-06-29