Industrial and Building Societies (Amendment) Act 1955

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1955/1955-0006/IndustrialandBuildingSocietiesAmendmentAct1955_2.pdf
Published: 2013-09-01

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Industrial and Building Societies (Amendment) Act 1955

c i e
AT 6 of 1955

INDUSTRIAL AND BUILDING SOCIETIES

(AMENDMENT) ACT 1955

Industrial and Building Societies (Amendment) Act 1955 Index


c AT 6 of 1955 Page 3

c i e
INDUSTRIAL AND BUILDING SOCIETIES

(AMENDMENT) ACT 1955

Index Section Page

1 Amendments as to name of a registered society ........................................................ 5
2 Cases in which the name of a registered society need not include the word
“limited”........................................................................................................................... 5
3 Provisions as to annual return and audit .................................................................... 6
4 Register of members and officers of registered society ............................................. 6
5 Amalgamations and transfers of engagements .......................................................... 8
6 Duties of a receiver or manager of property of a registered society ....................... 8
7 Special resolutions .......................................................................................................... 8
8 Criminal proceedings ..................................................................................................... 9
9 [Repealed] ........................................................................................................................ 9
10 Interpretation and repeals ............................................................................................. 9
11 Citation and construction .............................................................................................. 9
12 Commencement .............................................................................................................. 9
SCHEDULE 11

ENDNOTES 13

TABLE OF LEGISLATION HISTORY 13
TABLE OF RENUMBERED PROVISIONS 13
TABLE OF ENDNOTE REFERENCES 13

Industrial and Building Societies (Amendment) Act 1955 Section 1


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c i e
INDUSTRIAL AND BUILDING SOCIETIES

(AMENDMENT) ACT 1955

Received Royal Assent: 6 May 1955
Passed: 21 June 1955
Commenced: 21 June 1955
AN ACT
to amend the Industrial and Building Societies Acts, 1892 to 1953.
GENERAL NOTE:
The reference to the Registry Office for Deeds is to be construed in
accordance with the General Registry Act 1965.
1 Amendments as to name of a registered society

(1) The Company and Business Names etc Act 2012 has effect in respect of the
names of societies and companies registered under the Industrial and
Building Societies Acts 1892 to 1955.1

(1A) The requirements of that Act are additional to the requirements of those
Acts.2

(2) In paragraph (2) of section twenty-three of the principal Act (which
enables a registered society to change its name by special resolution) for
the reference to a special resolution there shall be substituted a reference
to a resolution passed at a general meeting after the giving of such notice
as is required by the rules of the society in the case of a resolution to
amend the society’s rules, or after the giving of such other notice as may
be specified by those rules for the purposes of this subsection.
(3) Without prejudice to paragraph (1)(b) of section sixteen of the principal
Act (which requires a registered society to have its registered name on all
official publications), every registered society shall have its registered
name mentioned in legible characters in all its business letters.
2 Cases in which the name of a registered society need not include the

word “limited”

(1) If the Department is satisfied that the objects of a society applying for
registration or of a registered society are wholly charitable or benevolent
Section 3 Industrial and Building Societies (Amendment) Act 1955


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it may, notwithstanding paragraph (4) of section nine of the principal
Act, register the society by a name which does not contain the word
“limited” or, as the case may be, permit the society to change its name to
one which does not contain that word.3

(2) If it subsequently appears to the Department that the society, whether in
consequence of a change in its rules or otherwise, is not being conducted
wholly for charitable or benevolent objects, it may direct that the word
“limited” be added as the last word in the name of the society and shall
notify the society accordingly.4

3 Provisions as to annual return and audit

(1) If the Department is of opinion that special circumstances exist it may
allow the annual return to be made by a registered society under
paragraph (d) of section sixteen of the principal Act to be made up to a
date other than the date specified in that paragraph and in that case the
annual return shall be sent to the Department not more than three
months after the date to which it is to be made up.5

(2) The last annual return to be made under the said paragraph by a
registered society which is being terminated by an instrument of
dissolution under paragraph (3) of section twenty-four of the principal
Act shall be made up to the date of the instrument of dissolution, and the
Department shall not register the instrument of dissolution under
paragraph (f) of section twenty-four of the principal Act until it has
received that return.6

(3) A registered society shall not publish any balance sheet which has not
been previously audited by one or more of the auditors referred to in
paragraph (1)(c) of section sixteen of the principal Act and any copy of a
balance sheet published by them shall incorporate any report made
thereon by the auditor.
(4) The copy of any balance sheet which is to be sent to the Department
under paragraph (1)(d) of section sixteen of the principal Act, shall
incorporate any report made thereon by the auditor.7

(5) The expression “officer” as defined by section two of the principal Act
shall not include an auditor.
4 Register of members and officers of registered society

(1) Every registered society shall keep at its registered office a register and
enter therein the following particulars: —
(a) the names and addresses of the members;
(b) a statement of the number of shares held by each member of the
amount paid or agreed to be considered as paid on the shares of
each member;
Industrial and Building Societies (Amendment) Act 1955 Section 4


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(c) a statement of other property in the society, whether in loans,
deposits or otherwise, held by each member;
(d) the date at which each person was entered in the register as a
member, and the date at which any person ceased to be a
member;
(e) the names and addresses of the officers of the society, with the
offices held by them respectively, and the dates on which they
assumed office.
(1A) Notwithstanding subsection (1) above, if the work of making the register
is done in another office of the society or in the office of an agent of the
society, it may, subject to subsection (1B) below, be kept at that office.8

(1B) A society shall be treated as complying with section 16(1)(e) of the
principal Act and subsection (4) of this section if, following a request to
inspect the register or duplicate register, as the case may be, such register
or duplicate register is produced in a written or printed form for
inspection at the registered office within 14 days of such request.9

(1C) Any register or part of a register which is required to be kept under this
section may be kept on a computer.10

(2) The said register may be kept either by making entries in bound books or
by recording the matters in question in any other manner, but where it is
not kept by making entries in a bound book but by some other means,
adequate precautions shall be taken for guarding against falsification and
facilitating its discovery.
(3) Every registered society shall —
(a) keep at their office a duplicate register containing the particulars
in the original register to be kept under subsection (1) of this
section, other than those entered under paragraph (b) or (c) of that
sub-section, or
(b) so construct their register that it is possible to open to inspection
the particulars in the register other than the particulars entered
under paragraph (b) or (c) of subsection (1) of this section without
exposing those last-mentioned particulars,
and paragraph (1)(e) of section sixteen of the principal Act (which gives
members and certain other persons the right to inspect books containing
the names of members) shall have effect as if the reference to such books
included a reference to all the particulars in the said duplicate register or,
as the case may be, in the original register exclusive of the particulars to
be entered under paragraph (b) or (c) of subsection (1) of this section.
(4) The Department or a person acting on its behalf may at all reasonable
hours inspect any particulars in the register or duplicate register.11

Section 5 Industrial and Building Societies (Amendment) Act 1955


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5 Amalgamations and transfers of engagements

(1) In relation to paragraph (3) of section twenty-three of the principal Act
(which enables registered societies to effect an amalgamation or transfer
of engagements by special resolution) the definition of a special
resolution in section twenty-three of that Act shall have effect as if for the
reference to a majority of not less than three-fourths there were
substituted a reference to a majority of not less than two-thirds.
(2) If a registered society transfers its engagements to another registered
society by a special resolution taking effect under paragraph (3) of the
said section twenty-three and by that resolution approves the transfer of
the whole or any part of its property to the other registered society, the
whole, or as the case may be, that part, of its property shall without any
conveyance or assignment vest in the other registered society.
(3) If such special resolution conveys and assigns land in the Isle of Man the
registered society to which such engagements are so transferred shall
record a certified copy of such special resolution in the Registry Office
for Deeds.
6 Duties of a receiver or manager of property of a registered society

Every receiver or manager of the property of a registered society who has been
appointed under the powers contained in any instrument shall —
(a) within one month from the date of his appointment notify the
Department of his appointment, and12

(b) within one month (or such longer period as the Department may
allow) after the expiration of the period of six months from that
date and of every subsequent period of six months, deliver to the
Department a return showing his receipts and his payments
during that period of six months, and13

(c) within one month after he ceases to act as receiver or manager
deliver to the Department a return showing his receipts and his
payments during the final period and the aggregate amount of his
receipts and of his payments during all preceding periods since
his appointment.14

7 Special resolutions

(1) It shall be the duty of a registered society to send a special resolution to
the Department for registration in accordance with paragraph (5) of
section twenty-three of the principal Act within fourteen days from the
day on which the resolution is passed, but this subsection shall not
invalidate registration of a special resolution after that time.15

(2) It is hereby declared that in paragraph (4) of section twenty-three of the
principal Act (which provides that a company may on passing a special
Industrial and Building Societies (Amendment) Act 1955 Section 8


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resolution convert itself into a registered society) the references to a
special resolution are references to a special resolution as defined by
section one hundred and sixteen of the Companies Act, 1931; and such a
resolution need not be registered under paragraph (5) of section twenty-
three of the principal Act.
8 Criminal proceedings

(1) If on proceedings under paragraph (6) of section eighteen of the principal
Act (which relates to the misappropriation of property belonging to a
registered society) it is not proved that the defendant acted with any
fraudulent intent he may be ordered to deliver up any property
belonging to the society; or to repay any money applied improperly,
with costs, but shall not be liable to conviction under the said section.
(2) Notwithstanding any limitation on the time for the taking of proceedings
contained in any Act, summary proceedings for any fine imposed by the
principal Act may be brought by the Department at any time within one
year of the first discovery thereof by the Department, but not in any case
after more than three years after the commission of the offence.16

9 [Repealed]
17

10 Interpretation and repeals

(1) In this Act “the principal Act
” means the Industrial and Building
Societies Act, 1892.
(2) References in this Act to any other enactment shall be construed as
references to that enactment as amended by any enactment including
this Act.
(3) [Repealed]18

11 Citation and construction

(1) This Act may be cited as the Industrial and Building Societies
(Amendment) Act, 1955.
(2) This Act shall be construed as one with the Industrial and Building
Societies Acts, 1892 to 1953, and may be cited together with those Acts as
the Industrial and Building Societies Acts, 1892 to 1955.
12 Commencement

This Act shall come into operation when the Royal Assent thereto has been by
the Governor announced to Tynwald and a certificate thereof has been signed
by the Governor and the Speaker of the House of Keys.
Industrial and Building Societies (Amendment) Act 1955 Schedule



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Schedule
19

Industrial and Building Societies (Amendment) Act 1955 Endnotes


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ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Subs (1) substituted by Company and Business Names etc Act 2012 Sch. 2
Subs (1A) inserted by Company and Business Names etc Act 2012 Sch. 3
Subs (1) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 4
Subs (2) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 5
Subs (1) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 6
Subs (2) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 7
Subs (4) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 8
Subs (1A) inserted by Building Societies Act 1986 s 6. 9
Subs (1B) inserted by Building Societies Act 1986 s 6. 10
Subs (1C) inserted by Building Societies Act 1986 s 6. 11
Subs (4) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 12
Para (a) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 13
Para (b) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 14
Para (c) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2.
Endnotes Industrial and Building Societies (Amendment) Act 1955


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15
Subs (1) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 16
Subs (2) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 17
S 9 repealed by Financial Services Act 2008 Sch 7 (with savings - see para 5 of Sch 8). 18
Subs (3) repealed by Statute Law Revision Act 1983 Sch 2. 19
Sch repealed by Statute Law Revision Act 1983 Sch 2.