(formerly Independent Provident Society information)
• The Co-operative and Community Benefit Societies Act came into force from 1st August 2014, replacing the Industrial & Provident Society legal form with two new legal forms, known as a Co-operative Society and a Community Benefit Society, and is designed to consolidate all previous IPS legislation between 1965 and 2003.
• Any existing Independent Provident Society will henceforth be referred to as a "registered society" rather than an IPS. Consequently, BADCE is now a registered society under the Co-operative and Community Benefit Societies Act 2014.
• As the Plunkett Foundation's model rules were used, BADCE does not need to make any changes to its rules and its name and registered number will remain the same.
Broadwindsor & District Community Enterprise Limited (“the Society”) was formed on 13th June 2012, with its main purpose being to set up and run a Community Shop in Broadwindsor. As a Registered Society, it will conduct its trade for the benefit of the community of Broadwindsor and its environs on a not-for-profit basis. The Society is registered with the FSA with Rules developed by the Plunkett Foundation.
The Society is similar to a limited company in having limited liability but it has a Management Committee, rather than a board of directors, and members rather than shareholders. Each member has one vote regardless of the number of his/her shares, which distinguishes the Society from a limited company, where the number of shares that a shareholder owns determines the number of votes that the member can cast.
Full details of the Society’s (BADCE's) constitution are contained in the Society’s Rules.
A copy of the Rules can be viewed or downloaded by clicking here. Please be aware this is a large document (22 pages) in .pdf format.