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Prohibition on raising of funds.
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6.—(1) Subject to subsection (4), a society shall not raise funds (otherwise than by way of subscriptions for shares where the aggregate sum being raised in this manner does not exceed £10,000 in any period of six months) except under and in accordance with the written permission of the Registrar.
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(2) The Registrar shall not give permission under this section unless he is satisfied that it is in the interests of the public or of creditors of a society or of the orderly and proper regulation of the business of the society to do so.
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(3) (a) A permission under this section may relate to a specified class or classes of society denoted by reference to such matters as the Registrar thinks fit, and shall relate to such a period as is specified in the permission.
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(b) A permission under this section may be given subject to the condition that the society concerned complies with any direction given to it by the Registrar relating to the extent and type of funds that may be raised by the society, denoted by reference to such matters as the Registrar thinks fit, and where that condition is imposed it shall be specified in the permission.
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(4) This section does not apply to a loan made to a society by a bank, or to the acceptance of deposits by a society to which, by virtue of section 9, section 10 applies.
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