Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I will reply to this question. The Industrial and Provident Societies Acts 1893 to 2018 provide the statutory regulatory basis for the formation and general operation of industrial and provident societies, primarily co-operatives, in Ireland. The current legislative framework is largely Victorian statutory code incorporating a number of antiquated provisions. Following a root and branch review of the existing legislative framework, which included conducting a public consultation on the operation and implementation of the current statutory code, the Department is well advanced in the preparation of a general scheme of a Bill for modernised and consolidated legislation. I expect the Minister to bring this to the Government in the fourth quarter of 2020.

The purpose of the Bill is to consolidate the existing industrial and provident societies legislation and to ensure that a modernised and effective legislative framework, suitable for the diverse range of organisations using the co-operative model in Ireland, is in place. The Bill will deal with a wide range of issues that have arisen, informed by the public consultation and bilateral engagement with stakeholders, issues identified by the Department and the Registrar of Friendly Societies and the report on the Private Members' Industrial and Provident Societies (Amendment) Bill 2018 prepared by the Joint Committee on Business, Enterprise and Innovation in 2019. The Bill will, among other issues, provide co-operative societies with a distinct legislative identity reflecting the co-operatives' ethos, revise the provisions on debentures, introduce audit exemptions in line with the approach taken in the Companies Act 2014, strengthen the governance provision and revise the powers of the Registrar of Friendly Societies.

A modernised legislative framework aligned with the realities of the 21st century business and regulatory environment will ensure a level playing field between co-operatives and other legal options for structured enterprise activities.

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