: Wed Jun 03, 2009 6:43 am
An Industrial and Provident Society (IPS) is what is commonly referred to as a Co-operative. These are the same in format to the Co-operative Group of companies or John Lewis's.
Co-operatives take 2 forms. These are either a Worker owned co-operative (like John Lewis'), where all the employees own the company and have a say in how it is run. This is also known as a Bona Fida Co-op.
The other newer form is a Benefit of the Community Co-operative, more commonly known as a BenCom. I'm guessing (although Jemmo will be able to tell you) that that Doncaster Dragons Supporters Society is set up as a BenCom.
The key difference between Co-op's and regular companies is that they are regulated by the Financial Services Authority rather than Companies House. The rules on IPS's are currently being reviewed and a new act is to be implemented soon. This should lessen the burdens of setting up and running an IPS.
If the Doncaster Dragons Supporters Society is already established, it makes sense to do something with this. I would strongly recommend accessing the support of supporters direct to the remaining Supporters Society Board members. If this is to be the future for the club then this potentially opens up new funding and business support opportunities.
