Industrial and Provident Societies Act 1978
Industrial and ProvidentSocieties Act 1978
1978 CHAPTER 34
An Act to raise the amounts of deposits which an industrial and provident society may take without thereby carrying on the business of banking; and to authorise the further alteration of those amounts from time to time.
[20th July 1978]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Raising of maximum deposit.
(1) In section 7(3) of the Industrial and Provident Societies Act 1965 (hereafter in this Act referred to as ‘the Act of 1965’) for the words ‘two pounds’ (denoting the limit of deposits which can be taken at any one time) there shall be substituted the words ‘ten pounds’ and for the words ‘fifty pounds’ (denoting the maximum amount which can be taken from any one depositor) there shall be substituted the words ‘two hundred and fifty pounds’.
(2) Where immediately before the coming into force of this Act the registered rules of a society registered under the Act of 1965 permitted depositors under the said section 7(3) to deposit a maximum of 50 then laid down thereby, the committee may, by a resolution recorded in writing, resolve that depositors may be permitted to hold such greater amount not exceeding 250 as may be specified in the resolution, and the registered rules shall have effect accordingly.
(3) Where immediately before the coming into force of this Act the registered rules of a society registered under the Act of 1965 permitted depositors under the said section 7(3) to deposit a maximum of not more than 2 in any one payment, the committee may, by a resolution recorded in writing, resolve that depositors may be permitted to deposit a maximum of not more than 10 in any one payment as may be specified in the resolution, and the registered rules shall have effect accordingly.
(4) The powers conferred on the committees of registered societies by subsections (2) and (3) above shall not be exercisable after the expiration of the period of eighteen months beginning with the date on which this Act comes into force or after the coming into force of an order under section 2 below; and if any amendment of the rules of a society is made after the coming into force of this Act and before the expiration of the time allowed by this subsection for exercising that power the power...
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