Companies
New co-ops law will allow CEA to sanction directors
Bill to replace current 100-year-old rules will clarify fiduciary duties, says industry body chief executive, but proposed merger rules may be problematic
Directors of co-ops will be subject to sanction by the Corporate Enforcement Authority under new legislation to modernise how such businesses are regulated.
The government announced last week that it will begin drafting a new bill which will update the laws governing co-ops and co-op directors. The current legislation for this area is over 100 years old, and is contained in the 1893 Industrial and Provident Societies Act.
“An update for this legislation has been ...
