Co-ops to scrap limits on individual shareholdings under new legislation

Co-ops will soon see caps removed on an individual’s shareholding and the amount a society may raise in funds without the written permission of the Registrar of Friendly Societies, under new legislation.

The Irish Co-operative Organisation Society (ICOS) has welcomed the passing of the Report and Final Stages of the Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Bill 2013 which is expected to be signed into law this week by the President.

The Bill provides for appeals against a decision of the registrar to be made to the circuit court rather than the High Court as happens at present. Co-ops will also gain greater flexibility regarding their financial year for the purpose of submission of annual returns.