INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 104

Short title and commencement.

104.(1) This Act may be cited as the Industrial and Provident Societies Act
(Northern Ireland) 1969.

(2) Commencement

1. The name of the society, which shall comply with the requirements of
section 5.

2. The objects of the society.

3. The place which is to be the registered office of the society to which all
communications and notices to the society may be addressed.

4. The terms of admission of the members, including any society or company
investing funds in the society under the provisions of this Act.

5. The mode of holding meetings, the scale and right of voting, and the mode
of making, altering or rescinding rules.

6. The appointment and removal of a committee, by whatever name, and of
managers or other officers and their respective functions and remuneration.

7. Determination in accordance with section 6 of the maximum amount of the
interest in the shares of the society which may be held by any member
otherwise than by virtue of section 6(1)(a) or (b).

8. Determination whether the society may contract loans or receive moneys on
deposit subject to the provisions of this Act from members or others; and, if
so, under what conditions, under what security, and to what limits of amount.

9. Determination whether the shares or any of them shall be transferable, and
provision for the form of transfer and registration of the shares, and for the
consent of the committee thereto; determination whether the shares or any of
them shall be withdrawable, and provision for the mode of withdrawal and for
payment of the balance due thereon on withdrawing from the society.

10. Provision for the audit of accounts.

11. Determination whether and, if so, how members may withdraw from the
society, and provision for the claims of the representatives of deceased
members, or the trustees of the property of bankrupt members, and for the
payment of nominees.

12. The mode of application of profits of the society.

13. Provision for the custody and use of the society's seal.

14. Determination whether and, if so, by what authority, and in what manner,
any part of the society's funds may be invested.1. Part I shall apply to
credit unions with the modifications contained in the following paragraphs of
this Part.

2. Paragraph 7 shall apply with the substitution of section 81(3) for the
reference therein to section 6 and with the omission of the words from
"otherwise".

3. Paragraphs 8, 12 and 14 shall not apply.

4. Paragraph 4 shall apply as if for the words from "any society" there were
substituted the words "any special provision for the insurance of members in
relation to their shares".

5. At the end there shall be added the following paragraphs:

"15. The mode and circumstances in which loans to members are to be made and
repaid including any special provision for the insurance of members in
relation to loans made to them.

16. The manner in which the credit union may be dissolved.".

1. Capital of the society on 1st January or 1st July last previous:

(a)nominal amount of each share;

(b)number of shares issued;

(c)amount paid up on shares.

2. Liabilities of the society on the same date:

(a)on judgments;

(b)on speciality;

(c)on notes or bills;

(d)on simple contract;

(e)on estimated liabilities.

3. Assets of the society on the same date:

(a)government securities (stating them);

(b)bills of exchange and promissory notes;

(c)cash at the bankers;

(d)other securities.

The < Limited hereby acknowledges tohave received all moneys intended to be secured by the [within (or above) written] [annexed] deed [and by a further charge dated, etc., or otherwise as required].

Dated this day of

Know all men by these presents, that we, A.B., of one of

(as

day of .

Whereas the above-bounden A.B. has been duly appointed to the office of of the
Limited, and he, together with the above-bounden C.D. as his surety, have
entered into the above-written bond, subject to the condition hereinafter
contained: Now therefore the condition of the above-written bond is such, that
if the said A.B. do render a just and true account of all moneys received and
paid by him on account of the society, at such times as the rules thereof
appoint, and do pay over all the moneys remaining in his hands, and assign and
transfer or deliver all property (including books and papers) belonging to the
society in his hands or custody to such person or persons as the society or
the committee thereof appoint, according to the rules of the society, together
with the proper and legal receipts or vouchers for such payments, then the
above-written bond shall be void, but otherwise shall remain in full force.

Sealed and delivered in the presence of

Know all men by these presents that I <, of

, am

, in the sum of < pounds

[And know further that I [we]

Dated the day of <.

The condition of the above-contained bond is that if the said faithfully
execute the office of to the society during such time as he continues to hold
the same in virtue either of his present appointment, or of any renewal
thereof if such office is of a renewable character [without wasting,
embezzling, losing, misspending, misapplying, or unlawfully making away with
any of the moneys, goods, chattels, wares, merchandise or effects whatsoever
of the said society at any time committed to his charge, custody, or keeping
by reason or means of his said office], and render a true and full account of
all moneys received or paid by him on its behalf as and when he is required by
the committee of the society for the time being, and pay over all the moneys
remaining in his hands from time to time, and assign, transfer, and deliver up
all securities, books, papers, property, and effects whatsoever of or
belonging to the society in his charge, custody, or keeping, to such person or
persons as the said committee may appoint, according to the rules or
regulations of the society for the time being, together with the proper or
legal receipts or vouchers for such payments; and in all other respects well
and faithfully perform and fulfil the said office of to the society according
to the rules thereof, then the above-contained bond shall be void and of no
effect; but otherwise shall remain in full force.

Sealed and delivered by the above-named <.[The words between brackets against which we have set our initials being first struck out] in the presence of us

If no words are struck out in the bond or condition, strike out these words
and let the witnesses set their initials in the margin.

1. Where, after the passing of this Act, the provisions of section 37 do not,
by virtue of subsection (7) of that section, apply in relation to any balance
sheet published by a registered society, nothing in section 103(2) shall
affect the operation in relation to that balance sheet and any copy of that
balance sheet of section 4(3) of the Industrial and Provident Societies
(Amendment) Act (Northern Ireland) 1955.

2. Where, after the passing of this Act, neither subsection (1) nor subsection
(4) of section 38 applies to a society in respect of any year of account,
nothing in section 103(2) shall affect the operation in relation to that
society in respect of that year of account of section 2 of the Industrial and
Provident Societies (Amendment) Act 1913 as amended by section 19(1) of the
Industrial Assurance and Friendly Societies Act (Northern Ireland) 1948.

3. For the purpose of the application to a registered society, in the
circumstances mentioned in paragraph 2 of the enactments mentioned in that
paragraph, any person who is at the passing of this Act an approved auditor
appointed by the Ministry under section 72 of the Act of 1893 shall continue
to be an approved auditor subject to the conditions (including the conditions
as to termination of his appointment) on which he was appointed.

4. Where, after the passing of this Act, the provisions of section 43 do not,
by virtue of subsection (8) of that section, have effect so as to impose any
duties or confer any rights upon the auditors appointed in respect of any
year of account of a registered society, then in respect of that
year of account nothing in section 103(2) shall affect the operation of
section 13(2) of the Act of 1893 in relation to the rights and duties of those
auditors.

5. Where, after the passing of this Act, the provisions of section 48 do not,
by virtue of subsection (7) of that section, have effect in relation to any
annual return of a registered society, nothing in section 103(2) shall affect
the operation in relation to that annual return of section 14 of the Act of
1893, sections 2 and 3 of the Industrial and Provident Societies Act 1913 and
section 4(1), (2) and (4) of the Industrial and Provident Societies
(Amendment) Act (Northern Ireland) 1955.

Schedule 6Repeals

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 104