Industrial and Provident Societies Act 1975
Jersey Order in Council 18/1979
INDUSTRIAL AND PROVIDENT SOCIETIES ACT 1975.
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(Registered on the 29th day of June,
1979).
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At the Court at Windsor Castle.
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11th April, 1979.
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PRESENT
The Queen’s Most Excellent Majesty in Council.
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IT is this day ordered by Her Majesty, by
and with the advice of Her Privy Council, that printed copies of the following
named Act of Parliament be transmitted to the Royal Court of the Island of
Jersey, viz: -
“The Industrial and Provident Societies Act 1975”
(1975 Chapter 41)
AND it is hereby
further ordered that the said Act be registered and published in the Island of
Jersey, not as being essential to its operation therein, but that Her
Majesty’s subjects in the said Island may have notice of the said Act
having passed and that they are bound thereby.
AND the
Lieutenant-Governor and Commander-in-Chief for the time being, and also the
Bailiff and Jurats of the Royal Court of the Island of Jersey,
are to give the necessary directions herein as to them may respectively
appertain.
N.E. LEIGH.
ELIZABETH II
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:
-
RAISING OF LIMIT ON SHARE OF ANY ONE MEMBER
1.-(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 is
subsequently registered under section 10 of the Act of 19652 the registered
rules of the society shall thereupon have effect as if the resolution had not
been passed, so, however, that this subsection shall not affect any interest in
the shares of the society held by a member immediately before the date on which
the amendment is registered.
FURTHER ALTERATIONS OF LIMIT
2.-(1) The chief registrar may from time to
time, with the consent of the Treasury, by order substitute for the sum for the
time being specified in section 6(1) of the Act of 1965
as the limit applicable thereunder such other sum, not being less than
£5,000, as may be specified in the order.
(2) An order under
this section may make any such provision in connection with altering the limit
for the time being applicable under the said section 6(1) as is made by section
1 above, and may contain such other transitional, consequential, incidental or
supplementary provisions as appear to the chief registrar to be necessary or
appropriate in that connection.
(3) An order made
under this section may vary or revoke any previous order so made.
(4) The power to
make an order under this section shall be exercisable by statutory instrument,
which shall be subject to annulment in pursuance of a resolution of either
House of Parliament; and the Statutory Instruments Act 1946 shall apply thereto as
if the chief registrar were a Minister of the Crown.
CONSTRUCTION, CITATION, AMENDMENT, COMMENCEMENT AND EXTENT
3.-(1) The Act of 1965
and this Act shall be construed as one.
(2) This Act may
be cited as the Industrial
and Provident Societies Act 1975, and this Act and the Industrial and Provident
Societies Acts 1965 to 1968 may be cited together as the Industrial and Provident
Societies Acts 1965 to 1975.
(3) In subsection
(1) of section 53 of the Act of 1965
(which provides for the conversion of a company into a registered society), for
the words “one thousand pounds” there shall be substituted the
words “the maximum for the time being permitted by section 6(1) of this
Act in the case of a member of a registered society”.
(4) This Act shall
come into force on the expiration of the period of one month beginning with the
date on which it is passed.
(5) This Act
extends to the Channel Islands but does not
extend to Northern Ireland.