Clause 1 - Community benefit societies

Part of Co-operatives and CommunityBenefit Societies Bill – in a Public Bill Committee at 3:00 pm on 18 March 2003.

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Photo of Ruth Kelly Ruth Kelly Financial Secretary, HM Treasury 3:00, 18 March 2003

As I said on Second Reading, we are committed to implementing the asset lock-in regime assuming the consultation reveals any hidden problems that we had not already considered—we have set out that principle clearly. If the Bill is enacted, officials will immediately start to prepare a detailed consultation on how that regime might be established, but the timing of the consultation paper will depend on the complexity of the issues and the responses that we receive.