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Community Benefit Society
Community benefit societies are a new form of coporate entity created by the Co-operative and Community Benefit Societies Act 2014. BenComs, the short form of community benefit societies, were previously called Industrial and Provident Societies.
BenComs' Role in Society
Community benefit societies differs from other mutuals because they are not primarly run for the members, but are rather run for a greater cause. As the name suggests, these kind of legal forms are eastablished for the benefit of a community. From football clubs, housing associations, local convenience stores or a local pub, an overaching community purpose is at the heart of community benefit societies. BenComs are for the community at large and not only for the membership base.
Elections in the Community Benefit Society
Members invest their money in bencoms and receive shareholdings, thus, they also earn voting rights. Every community benefit society needs a board of directors which is elected by the members.