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Industrial Common Ownership Act 1976

Consolidated Text As Enacted Cited authorities 4 Cited in Amendments 14 Related
Vincent
JurisdictionUK Non-devolved
Citation1976 c. 78
Year1976
  • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    • a company which has no share capital, is limited by guarantee and is a bona fide co-operative society; ora registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014;andthat only persons who are employed by, or by a subsidiary of, the body may be members of it, that (subject to any provision about qualifications for membership which is from time to time made by the members of the body by reference to age, length of service or other factors of any description which do not discriminate between persons by reference to politics or religion) all such persons may be members of the body and that members have equal voting rights at meetings of the body,that the assets of the body are applied only for the purposes of objects of the body which do not include the making over of assets to any member of the body except for value and except in pursuance of arrangements for sharing the profits of the body among its members, andthat, if on the winding up or dissolution of the body any of its assets remain to be disposed of after its liabilities are satisfied, the assets are not distributed among its members but are transferred to such a common ownership enterprise or such a central fund maintained for the benefit of common ownership enterprises as may be determined by the members at or before the time of the winding up or dissolution or, in so far as the assets are not so transferred, are held for charitable purposes; andthat the body is controlled by a majority of the people working for the body and of the people working for the subsidiaries, if any, of the body.

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