The Mutuals’ Redeemable & Deferred Shares Bill will be read for the second time in the House of Lords on 24th October 2014.
The Bill was introduced by Lord Naseby in the House of Lords and was read for the first time on 5th June 2014. We are seeking Government support to allow time for the Bill to progress through both Houses.
The Bill will:
- Create optional new classes of share through which specified mutuals can raise additional funds
- Provide defined rights to specified mutual society members
- Restrict the voting rights of certain members who hold only such shares, so that they cannot participate in any decisions to transfer, merge or dissolve the mutual
If you are a mutual business, and you wish to support the Bill or become part of the Bill team, please contact us.