S.I. No. 246/1990:

INDUSTRIAL AND PROVIDENT SOCIETIES (FINANCIAL LIMITS) (AMENDMENT) REGULATIONS, 1990.

INDUSTRIAL AND PROVIDENT SOCIETIES (FINANCIAL LIMITS) (AMENDMENT) REGULATIONS, 1990.

I, DESMOND O'MALLEY, Minister for Industry and Commerce, 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), hereby make the following Regulations:

1. These Regulations may be cited as the Industrial and Provident Societies (Financial Limits) (Amendment) Regulations, 1990, and shall come into operation on the 1st day of November, 1990.

2. Section 4 (as amended by the Industrial and Provident Societies (Financial Limits) Regulations, 1985 ( S.I. No. 392 of 1985 )), of the Industrial and Provident Societies Act, 1893, shall be construed as if "£100,000" were substituted for "£20,000" in paragraph (a) thereof, in the case of a class A society, a class B society or a class C society.

GIVEN under my Official Seal, this 8th day of October, 1990.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These regulations increase the maximum shareholding a person may have in an Agricultural Co-Operative Society, an Agricultural Society or a Fishing Society.