Industrial and Provident Societies Act 1975
Industrial and ProvidentSocieties Act 1975
1975 CHAPTER 41
An Act to raise the limit on the interest in the shares of a society registered under the Industrial and Provident Societies Act 1965 which any one member may hold and to authorise the further alteration of that limit from time to time.
[3rd July 1975]
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 limit on share of any one member.
(1) In section 6(1) of the Industrial and Provident Societies Act 1965 (hereafter in this Act referred to as ‘the Act of 1965’) for the words ‘one thousand pounds’ (denoting the limit on the interest any one member may hold in the shares of a society registered under that Act) there shall be substituted the words ‘five thousand 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 members other than members exempt from the limit under the said section 6(1) to hold the maximum of 1,000 then laid down thereby, the committee may, by a resolution recorded in writing, resolve that members may be permitted to hold such greater amount not exceeding 5,000 as may be specified in the resolution, and the registered rules shall have effect accordingly.
(3) The power conferred on the committees of registered societies by subsection (2) 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 shall cease to be exercisable by the committee of that society on the date on which the amendment is registered under section 10 of the Act of 1965.
(4) The committee of a registered society shall not have power to vary or revoke a resolution under subsection (2) above except in so far as they may be authorised to do so by an order under section 2 below.
(5) Where the committee of a registered society have exercised the power to pass a resolution under subsection (2) above and an amendment of the society's rules...
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