S.I. No. 327/1979 - Industrial and Provident Societies (Financial Limits) Regulations, 1979.

S.I. No. 327 of 1979.

INDUSTRIAL AND PROVIDENT SOCIETIES (FINANCIAL LIMITS) REGULATIONS, 1979.

I, DESMOND O'MALLEY, Minister for Industry, Commerce and Energy, in exercise of the power conferred on me by section 35 (1) (i) of the Credit Union Act, 1966 (No. 19 of 1966), and section 33 (1) of the Industrial and Provident Societies (Amendment) Act, 1978 (No. 23 of 1978), hereby make the following Regulations:

1. These Regulations may be cited as the Industrial and Provident Societies (Financial Limits) Regulations, 1979, and shall come into operation on the 24 day of September, 1979.

2. (1) In these Regulations—

"the Act of 1966" means the Credit Union Act, 1966 ;

"the Principal Act" means the Industrial and Provident Societies Act, 1893;

"society" means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978.

(2) For the purposes of these Regulations—

"class A society" means a society, the business of which is wholly or substantially agricultural and the majority of the members of which are mainly engaged in farming and derive the principal part of their livelihood from farming, and in which the acceptance of deposits and the making of loans constitute an insubstantial part of the business of or are incidental to, or are intended to assist the carrying on or development of, the society's principal business;

"class B society" means a society to which a certificate has been given by the registrar of friendly societies entitling it to be treated, for the purposes of section 4 of the Industrial and Provident Societies (Amendment) Act, 1978 , as an agricultural co-operative society;

"class C society" means a society, the business of which is wholly or substantially related to fishing and the majority of the members of which are engaged in fishing and derive a substantial part of their livelihood from fishing, and in which the acceptance of deposits and the making of loans constitute an insubtantial part of the business of or are incidental to, or are intended to assist the carrying on or development of the society's principal business;

"class D society" means a society to which, by virtue of sections 4 and 9 of the Industrial and Provident Societies (Amendment) Act, 1978 , sections 10 to 18 of that Act apply;

"class E society" means a credit union;

"class F society" means a society to which, by virtue of section 3 (4) of the Credit Union Act, 1966 , section 3 (3) of that Act does not apply;

"class G society" means a society other than a class A society, a class B society, a class C society, a class D society, a class E society or a class F society.

3. Section 4 of the Principal Act shall be construed as if the following paragraph were substituted for paragraph (a):

"(a) No member other than a registered society shall have or claim any interest in the shares of the society exceeding the amount specified hereunder for the class of society (as defined by the Industrial and Provident Societies (Financial Limits) Regulations, 1979) to which it belongs:—

£10,000 in the case of a class A society, a class B society or a class C society;

£250,000 in the case of a class D society;

£3,000 in the case of a class E society, a class F society or a class G society, and".

4. Sections 25 (1) and 25 (3) of the Principal Act (inserted by section 5 of the Industrial and Provident Societies (Amendment) Act,1913) shall be construed as if "£3,000" were substituted for "one thousand pounds " (inserted by the Act of 1966).

5. Section 26 (1) of the Principal Act shall be construed as if " £3,000 " were substituted for "one thousand pounds" (inserted by the Act of 1966).

6. Section 27 (1) of the Principal Act shall be construed as it "£1.500" were substituted for "five hundred pounds" (inserted by the Act of 1966).

7. The Industrial and Provident Societies (Financial Limits) Regulations, 1978 ( S.I. No. 124 of 1978 ), and the Industrial and Provident Societies (Financial Limit) Regulations, 1979 ( S.I. No. 254 of 1979 ), are hereby revoked.

GIVEN under my Official Seal, this 24 day of September, 1979.

DESMOND O'MALLEY,

Minister for Industry, Commerce

and Energy.

EXPLANATORY NOTE

These Regulations increase the maximum shareholding which a person may have in a fishing co-operative society or a society receiving a certificate entitling it to be treated as an agricultural co-operative society. The existing shareholding limits which apply to other societies and to credit unions and the existing limits concerning nominations and intestacy which apply to all societies and to credit unions are re-stated.