Commercial Law
Our team provides specialist legal advice to companies and business owners across a wide range of industries, on all aspects of business and commercial law. Our focus is providing custom-fit, workable solutions that are practical and goal oriented.
Incorporated Societies
The Incorporated Societies Act 2022 (“2022 Act”) — The next phase of the Incorporated Societies Act 1908 (“1908 Act”)
It is no surprise that after 110 years, a piece of legislation undergoing a much-needed update would result in numerous changes. The 2022 Act was introduced with the primary goal of empowering societies to govern themselves more effectively by clarifying important details about what they do, who they are, and how they operate.
The upcoming transition to the 2022 Act is not a simple automatic process. A new society will need to register under the 1908 Act until October 2023. From then on, all new societies will be required to register under the 2022 Act. Whereas, existing societies will need to take proactive measures and apply for re-registration, which requires them to provide a refreshed set of rules or constitution that complies with the updated Act. This presents an ideal opportunity for societies to review their current rules or constitution and ensure it aligns with the 2022 Act.
It is important to stress that failure to comply with these requirements and being unable to register under the new Act will result in the society ceasing to exist. Therefore, it is crucial for societies to act now and make the necessary changes to avoid any potential issues in the future.
If you require further assistance with these matters, please do not hesitate to contact us. Our team is always available to help.
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