Industrial and Provident Societies Act 1965 (repealed)

UK - Reserved: Acts

Industrial and Provident Societies Act 1965 (repealed)

Industrial and Provident Societies Act 1965 (repealed) (1965 c. 12)

Registered societies

[F2] Act repealed (1.8.2014 immediately after the Co-operative and Community Benefit Societies and Credit Unions Act 2010 came into force) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 7 (with Sch. 5) (Act previously amended (1.8.2014) by Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c. 7), ss. 1, 8(2); S.I. 2014/183, art. 3)

1 Societies which may be registered.

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2 Registration of society.

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3 Registration to effect incorporation of society with limited liability.

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4 Existing societies deemed to be registered.

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4A Pre-2010 Act societies

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Name and maximum shareholding

5 Name of society.

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5A Status of charitable societies to appear on correspondence etc

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6 Maximum shareholding in society.

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Operations of registered society

7 Carrying on of banking by societies.

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Capacity of society and power of committee to bind it

7A Capacity of society not limited by its rules .

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7B Power of committee to bind society .

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7C No duty to enquire as to capacity of society or authority of committee.

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7D Application of sections 7A and 7B to charitable societies .

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7E Transactions with committee members and other persons in excess of powers .

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7F Definitions relating to section 7E .

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Provisions as to rules

9 Acknowledgment of registration of rules.

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10 Amendment of registered rules.

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11 Rules as to fund for purchase of government securities.

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12 Rules of agricultural, horticultural or forestry society.

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13 Supplementary provisions as to rules.

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14 Rules to bind members.

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15 Provision of copies of rules.

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Cancellation, suspension or refusal of registration of society or rules

16 Cancellation of registration of society.

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17 Suspension of registration of society.

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18 Appeal from refusal, cancellation or suspension of registration of society or rules.

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Membership and special provisions affecting members

19 Bodies corporate as members of society.

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20 Members under 21.

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21 Advances to members.

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22 Remedy for debts from members.

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23 Nomination to property in society.

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24 Proceedings on death of nominator.

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25 Provision for intestacy.

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26 Payments in respect of mentally incapable persons.

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27 Validity of payment to persons apparently entitled.

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Contracts, property, et ceteralaetc., of society

28 Promissory notes and bills of exchange.

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29 Contracts.

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29A Purported contracts, deeds and obligations .

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29B Common seal.

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29C Methods for execution of documents: England and Wales .

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29D Execution of documents: Scotland.

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29E Power of society to have official seal for use abroad.

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29F Effect of use of official seal .

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29G Authorisation of use of official seal .

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30 Holding of land.

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31 Investments.

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31 Investments.

A registered society may invest any part of its funds in or upon any security authorised by its registered rules, and also, unless those rules direct otherwise—

(a) in or upon any mortgage, bond, debenture, debenture stock, corporation stock, annuity, rentcharge, rent or other security (not being securities payable to bearer) authorised by or under any Act ofany local authority within the meaning of the Local Loans Act 1875;

[M1] 1875 c. 83 .

(b) in the shares or on the security of any other registered society, of any building society within the meaning of the Building Societies Act 1986, or of any company registered under the Companies Acts or incorporated by Act of Parliament or by charter, being a society or company with limited liability;

[F3] Words substituted by Building Societies Act 1986 (c. 53, SIF 16) , s. 120 , Sch. 18 para. 6

(c) in or upon any other security, being a security in which trustees are for the time being authorised by law to invest, for which purpose sections 1 to 6 of the Trustee Investments Act 1961 shall apply as if the society were a trustee and its funds were trust property.

[M2] 1961 c. 62 .

32 Proxy voting by societies.

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33 Discharge of mortgages in England and Wales.

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34 Discharge of securities in Scotland.

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35 Receipt on payment of moneys secured to a society.

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36 Execution of deeds in Scotland.

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Accounts, et ceteralaetc.

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39 Annual returns.

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39A. Year of account (existing registrations)

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39B. Year of account (new registrations)

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40 Display of latest balance sheet.

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Officers, receivers, et ceteralaetc.

41 Security by officers.

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42 Duty of officers of society to account.

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43 Duties of receiver or manager of society’s property.

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43A. Floating charge holder not to appoint administrative receiver

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Registers, books, et ceteralaetc.

44 Register of members and officers.

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45 Restriction on inspection of books.

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46 Inspection of books by members, etc.

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47 Inspection of books by order of registrar.

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48 Production of documents and provision of information for certain purposes.

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49 Appointment of inspectors and calling of special meetings.

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Amalgamations, transfers of engagements and conversions

50 Amalgamation of societies.

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51 Transfer of engagements between societies.

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52 Conversion into, amalgamation with, or transfer of engagements to company.

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53 Conversion of company into registered society.

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54 Saving for rights of creditors.

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Dissolution of society

55. Dissolution of society

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56 Power of FCA and PRA to petition for winding up.

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57 Liability of members in winding up.

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58 Instrument of dissolution.

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Special restriction on dissolution, et ceteralaetc.

59 Restriction on dissolution or cancellation of registration of society.

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Disputes, offences and legal proceedings

60 Decision of disputes.

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61 General offences by societies, etc.

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62 Offences by societies to be also offences by officers, etc.

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63 Continuing offences.

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64 Punishment of fraud or misappropriation.

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65 Penalty for falsification.

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66 Institution of proceedings.

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67 Recovery of costs, etc.

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68 Service of process.

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Miscellaneous and general

69 Remuneration of county court registrars.

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70A Fees for inspection or copying of documents.

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72 Form, delivery and evidence of documents

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72A. Form etc. of electronic documents ...

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74 Interpretation—general.

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74A. Meaning of “electronic form”, “by electronic means” etc.

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75 Channel Islands.

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76 Northern Ireland societies.

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77 Repeals and savings.

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78 Short title, extent and commencement.

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SCHEDULES

SCHEDULE 1 Matters to be Provided for in Society’s Rules

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5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 2 Form of Statement by Society Carrying on Banking

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3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 3 Form of Receipt on Mortgage, Heritable Security, Etc.

Forms applicable in England and Wales

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Forms applicable in Scotland

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SCHEDULE 4 Forms of Bond for Officers of Society

Forms applicable in England, Wales and the Channel Islands

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Form applicable in Scotland

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SCHEDULE 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .