For over 150 years, social enterprises have had the option of registering under the Industrial & Provident Societies Acts rather than under the better-known Companies Acts. There is some dispute about how the name "Industrial & Provident" came about, perhaps the best explanation being that such societies were industrial - in that they engaged in business or trade - and provident, in that they offered their (mostly working class) members a relatively safe and sympathetic opportunity to invest in enterprises that were of benefit to their local communities.
     In recent years the name has largely been considered anachronistic and a barrier to the take-up of this particular legal form.
    Anyway, the historic name for such societies has just been abolished, which probably won't cause too many people to shed a lot of tears. The Co-operative and Community Benefit Societies and Credit Unions Bill received Royal Assent on 18 March. One of the key things the new Act does is to re-name existing legislation retrospectively, thus:
Industrial and Provident Societies Act 1965
becomes
Co-operative and Community Benefit Societies and Credit Unions Act 1965
Industrial and Provident Societies Act 1967
becomes
Co-operative and Community Benefit Societies and Credit Unions Act 1967
Friendly and Industrial and Provident Societies Act 1968
becomes
Co-operative and Community Benefit Societies and Credit Unions Act 1968
     Etc. So it will no longer be correct to describe an organisation as an “Industrial and Provident Society” – it should be referred to either as a co-operative, or as a community benefit society, or as a credit union.

    Meanwhile, those of you who have been waiting with bated breath for the new legal form the Charitable Incorporated Organisation, originally promised in 2008 but constantly delayed - you'll have to keep waiting as its introduction has again been put back. It's now expected some time in 2011. But last year it was promised in April 2010. And before that ...