The Incorporated Societies Act 2022: What’s Changed.
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.
Transitioning From The 1908 Act.
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.
The Importance Of Updating Your Rules Or Constitution.
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, get in touch with our Commercial Law Team.