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Ways Forward for the Co-op Movement 17.01.14

Members' Capital in Co-ops and
Bencoms: Legal Framework
Ian Snaith
www.iansnaith.com
DWF LLP
Edits:
“Handbook of Co-operative and Community Benefit
Society Law”
To be published by Co-ops UK late 2014
Legal Framework for Capital

Shares can be:

Withdrawable unless society is
bank. New £100K limit on
holdings from 01.08.14 (was
£20K) or

Transferable – no buy back by
society but no holding limit or

Neither – nominal or
Legal Framework for Capital

Other share terms flexible
subject to limited return
principle – fixed low interest.

All risk capital – investment
lost on insolvency

Credit unions' withdrawable
capital allowed but regulated
as banks & compensation on

Legal Framework for Capital

Loans from members can be:

Secured over society assets

Unsecured

May well rank after existing
loans e.g. bank

What the market accepts
Legal Framework for Capital

Investor Protection

Factual inaccuracy can mean
contract invalid – contract law

No prospectus needed if
shares/debt not transferable or at
all for housing assocs & charities
plus many small scale issue
general exemptions

Limited financial promotion
Legal Framework for Capital

Main Points:

Bank with member capital difficult
unless credit union(s)

Much flexibility subject to limited
return rule – may be enforced
more rigorously from 01.08.14

Societies prioritise other
stakeholders over capital
providers
Legal Framework for Capital

Main Points:

Bank with member capital difficult
unless credit union(s)

Much flexibility subject to limited
return rule – may be enforced
more rigorously from 01.08.14

Societies prioritise other
stakeholders over capital
providers

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Members Capital in Co-ops and Bencoms

  • 1. Ways Forward for the Co-op Movement 17.01.14 Members' Capital in Co-ops and Bencoms: Legal Framework Ian Snaith www.iansnaith.com DWF LLP Edits: “Handbook of Co-operative and Community Benefit Society Law” To be published by Co-ops UK late 2014
  • 2. Legal Framework for Capital Shares can be:  Withdrawable unless society is bank. New £100K limit on holdings from 01.08.14 (was £20K) or  Transferable – no buy back by society but no holding limit or  Neither – nominal or
  • 3. Legal Framework for Capital Other share terms flexible subject to limited return principle – fixed low interest.  All risk capital – investment lost on insolvency  Credit unions' withdrawable capital allowed but regulated as banks & compensation on 
  • 4. Legal Framework for Capital Loans from members can be:  Secured over society assets  Unsecured  May well rank after existing loans e.g. bank  What the market accepts
  • 5. Legal Framework for Capital Investor Protection  Factual inaccuracy can mean contract invalid – contract law  No prospectus needed if shares/debt not transferable or at all for housing assocs & charities plus many small scale issue general exemptions  Limited financial promotion
  • 6. Legal Framework for Capital Main Points:  Bank with member capital difficult unless credit union(s)  Much flexibility subject to limited return rule – may be enforced more rigorously from 01.08.14  Societies prioritise other stakeholders over capital providers
  • 7. Legal Framework for Capital Main Points:  Bank with member capital difficult unless credit union(s)  Much flexibility subject to limited return rule – may be enforced more rigorously from 01.08.14  Societies prioritise other stakeholders over capital providers