S.I. No. 392/1985 - Industrial and Provident Societies (Financial Limits) Regulations, 1985.

S.I. No. 392 of 1985.

INDUSTRIAL AND PROVIDENT SOCIETIES (FINANCIAL LIMITS) REGULATIONS, 1985.

I, JOHN BRUTON, Minister for Industry, Trade, Commerce and Tourism, in exercise of the powers 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), and the Trade, Commerce and Tourism (Alteration of Name of Department and Title of Minister) Order, 1983 ( S.I. No. 384 of 1983 ), and after consultation with the Credit Union Advisory Committee, hereby make the following Regulations:

1. These Regulations may be cited as the Industrial and Provident Societies (Financial Limits) Regulations, 1985, and shall come into operation on the 5th day of December, 1985.

2. (1) In these Regulations—

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

"the Regulations of 1979" means the Industrial and Provident Societies (Financial Limits) Regulations, 1979 ( S.I. No. 327 of 1979 );

"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 purpose 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 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 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, 1985) to which it belongs:

£20,000 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;

£6,000 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 "£6,000" were substituted for "£3,000" (inserted by the Regulations of 1979).

5. Section 26 (1) of the Principal Act shall be construed as if "£6,000" were substituted for "£3,000" (inserted by the Regulations of 1979).

6. Section 27 (1) of the Principal Act shall be construed as if "£3,000" were substituted for "£1,500" (inserted by the Regulations of 1979).

7. The Industrial and Provident Societies (Financial Limits) Regulations, 1979 ( S.I. No. 327 of 1979 ), are hereby revoked.

GIVEN under my Official Seal, this 2nd day of December, 1985.

JOHN BRUTON,

Minister for Industry, Trade,

Commerce and Tourism.

EXPLANATORY NOTE

These Regulations increase the maximum shareholding which a person may have in certain types of industrial and provident society, including an agricultural co-operative society, a fishing co-operative society and a credit union. They also increase, for all types of industrial and provident society, the existing limits relating to a member's power of nomination and distribution on intestacy.