Seeking correct definition of 'community organisation'

I am investigating the possibility of setting up a "community organisation".

However, I have found a conflict in the definition between the Localism Act 2011 SCHEDULE 4C and 2012 No. 637 TOWN AND COUNTRY PLANNING, ENGLAND The Neighbourhood Planning (General) Regulations 2012.

As an example the former implies that members of a "community organisation" can profit by their membership whereas the latter suggests otherwise.

Which is correct ?

Thanks in advance to anybody who can help with this.

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In Localism Act 2011 SCHEDULE 4C Community right to build orders 61Q - Meaning of “community organisation"

http://www.legislation.gov.uk/ukpga/2011/20/pdfs/ukpga_20110020_en.pdf

3(1)For the purposes of this Schedule a “community organisation” is a body corporate—
(a)which is established for the express purpose of furthering the social, economic and environmental well-being of individuals living, or wanting to live, in a particular area, and
(b)which meets such other conditions in relation to its establishment or constitution as may be prescribed.
(2)Regulations under sub-paragraph (1)(b) may make provision in relation to—
(a)the distribution of profits made by the body to its members,
(b)the distribution of the assets of the body (in the event of its winding up or in any other circumstances),
(c)the membership of the body, and
(d)the control of the body (whether by the exercise of voting rights or otherwise).

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2012 No. 637
TOWN AND COUNTRY PLANNING, ENGLAND
The Neighbourhood Planning (General) Regulations 2012

http://www.legislation.gov.uk/uksi/2012/637/pdfs/uksi_20120637_en.pdf

PART 4
Community right to build organisations
Prescribed conditions for community right to build organisations
13.—(1) For the purposes of paragraph 3(1)(b) of Schedule 4C to the 1990 Act, the following
additional conditions are prescribed for any community organisation which is not a parish
council—
(a) individuals who live or work in the particular area for which the community organisation
is established (“the particular area”) must be entitled to become voting members of the
community organisation (whether or not others can also become voting members); and
(b) the constitution of the community organisation must—
(i) provide that taken together the individuals who live in the particular area—
(aa) hold the majority of the voting rights; and
(bb) have the majority on the board of directors or governing body,
of the community organisation;
(ii) include a statement—
(aa) that the community organisation will carry on its activities for the benefit of
the community in the particular area or a section of it; and
(bb) indicating how it is proposed the community organisation’s activities will
benefit the community in the particular area (or a section of it);
(iii) provide that any assets of the community organisation may not be disposed of,
improved or developed except in a manner which the community organisation
consider benefits the community in the particular area or a section of it; and
(iv) provide that any profits from its activities may only be used to benefit the
community in the particular area or a section of it (the payment of profits directly to
members or directors is not to be considered a benefit to the community in the
particular area or a section of it);
(v) provide that in the event of the winding up of the community organisation or in any
other circumstances where the community organisation ceases to exist, its assets
must be transferred to another body corporate which has similar objectives; and
(vi) provide that the organisation has at least 10 members, living in different dwellings to
each other, who live in the particular area.
(2) For the purposes of this regulation, “dwelling” has the meaning given in section 3 of the
Local Government Finance Act 1992(a)

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