Industrial and Building Societies Act 1892

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1892/1892-0006/IndustrialandBuildingSocietiesAct1892_3.pdf
Published: 2015-11-01

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The Industrial and Building Societies Act 1892

c i e
AT 6 of 1892

THE INDUSTRIAL AND BUILDING

SOCIETIES ACT 1892

The Industrial and Building Societies Act 1892 Index


c AT 6 of 1892 Page 3

c i e
THE INDUSTRIAL AND BUILDING SOCIETIES ACT

1892

Index Section Page

Preliminary 5

1 Short title .......................................................................................................................... 5
2 Interpretation ................................................................................................................... 5
3 [Spent] .............................................................................................................................. 6
4 [Repealed] ........................................................................................................................ 6
Societies under Act 6

5 Societies which can be registered ................................................................................. 6
6 Industrial and provident societies defined ................................................................. 7
7 Building societies defined .............................................................................................. 7
8 Registration of building society already registered under Companies Acts ......... 7
Registration, etc 8

9 Registration of societies ................................................................................................. 8
10 Appeals from decisions of Department ....................................................................... 9
11 Cancellation and suspension of registration ............................................................... 9
12 Cancellation of registration of society formed for illegal purpose ........................ 10
13 Limitation of liability of members .............................................................................. 10
14 Rules ............................................................................................................................... 10
15 Inspection, production and evidence of documents kept by Department ........... 11
Duties and Obligations 12

16 Duties and obligations of societies ............................................................................. 12
Privileges, etc 14

17 Privileges of societies ................................................................................................... 14
Property and Funds 18

18 Property and funds of societies .................................................................................. 18
Loans 19

19 Borrowing of money..................................................................................................... 19
Accountability of Officers 19

20 Accountability of officers ............................................................................................. 19
Index The Industrial and Building Societies Act 1892


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Disputes 20

21 Determination of disputes .......................................................................................... 20
Inspection of Affairs 21

22 Inspection of affairs by order of Court ...................................................................... 21
Special Resolutions 22

23 Special resolutions, etc ................................................................................................. 22
Dissolution 24

24 Dissolution of society ................................................................................................... 24
24A Power to make orders as to the disposal of valueless documents ........................ 25
Penalties, etc 26

25 Commencing business before incorporation and failure to make returns,
etc .................................................................................................................................... 26
26 Penalties against officers ............................................................................................. 26
27 Penalties for falsification ............................................................................................. 26
28 Not using name of society ........................................................................................... 26
29 Recovery of penalties ................................................................................................... 27
30 Description of offences ................................................................................................ 27
31 Penalty for misdemeanour .......................................................................................... 27
Fees and Regulations 27

32 Regulations .................................................................................................................... 27
SCHEDULE 1 29

MATTERS TO BE PROVIDED FOR BY THE RULES OF INDUSTRIAL AND
PROVIDENT SOCIETIES REGISTERED UNDER THIS ACT 29
SCHEDULE 2 30

MATTERS TO BE PROVIDED FOR BY THE RULES OF BUILDING SOCIETIES
REGISTERED UNDER THIS ACT 30
SCHEDULE 3 31

CERTIFICATES OF INCORPORATION 31
SCHEDULE 4 31

CERTIFICATE OF REGISTRATION OF RULES 31
SCHEDULE 5 32

FORM OF BOND 32
ENDNOTES 35

TABLE OF ENDNOTE REFERENCES 35

The Industrial and Building Societies Act 1892 Section 1


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c i e
THE INDUSTRIAL AND BUILDING SOCIETIES ACT

1892

Received Royal Assent: 28 June 1892
Promulgated: 5 July 1892
Commenced: 5 July 1892
AN ACT
for the incorporation, management and winding-up of industrial,
provident and building societies.
GENERAL NOTES

1. The maximum fines in this Act are as increased by the Fines Act 1986 and by the
Criminal Justice (Penalties, Etc.) Act 1993 s 1.
2. References to any Division of the High Court are to be construed in accordance
with the High Court Act 1991 Sch 4.
3. References to hard labour are to be construed in accordance with the Custody
Act 1995 Sch 3 para 1.
Preliminary
1 Short title

This Act may be cited as “The Industrial and Building Societies Act 1892”.
2 Interpretation

In this Act, if not inconsistent with the context, the following expressions have
the meanings hereby assigned to them: —
“Authority
” means the Isle of Man Financial Services Authority (as established
by article 4 of the Transfer of Functions (Isle of Man Financial Services
Authority) Order 2015);1

“The Court
” means the Civil Division of the High Court of Justice:2

“Court of Summary Jurisdiction
” means a high-bailiff or two justices of the
peace:
“The Commission
” [Repealed]3

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“The Companies Acts
” mean the Companies Acts, 1865 to 1884:
“Department
” means the Department of Economic Development:4

“The Act of 1888
” means the Industrial and Provident Societies Act 1888:
“Registrar
” [Repealed]5

“Registry Office
” means the office for the registration of companies:6

“Land
” includes hereditaments:
“Property
” means all real and personal estate (including books and papers):
“Registered Society
” means a society registered under the Act of 1888, or under
this Act:
“Rules
” mean the rules of a registered society for the time being in force; and
“Amendment of a Rule
” includes a new rule, and a resolution or rule
rescinding a rule:
“Committee
” means the committee of management, or other directing body of a
registered society:
“Officer
” includes a trustee, treasurer, secretary, member of the committee,
manager, or servant, other than a servant appointed by the committee:
“Meeting
” includes (where the rules so allow) a meeting of delegates appointed
by the members of a society:
“Persons claiming through a member
” include the heirs, executors,
administrators, and assigns of a member, and also his nominees where
nomination is allowed:
“public auditor
” means an auditor appointed under section 3 of the Audit Act
2006 for the purpose of auditing the accounts of any body referred to in
section 1 of that Act:7

“A terminating society
” means a society which by its rules is to terminate at a
fixed date, or when a result specified in its rules is attained:
“A permanent society
” means a society which has not by its rules any fixed
date or specified result at which it shall terminate.
3 [Spent]

4 [Repealed]
8

Societies under Act
5 Societies which can be registered

The societies which may be registered under this Act are industrial and
provident societies, and building societies, as hereinafter defined.
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6 Industrial and provident societies defined

An Industrial and Provident Society is a society for the purpose of carrying on
any industries, business or trades specified in or authorised by its rules, whether
wholesale or retail, including the buying and selling of land, of which society no
member other than a society registered under this Act shall have or claim an
interest in the shares thereof exceeding £5,000 or such other sum as may be
specified in an order under section 2 of the Industrial Building Societies Act 1979.
Provided always that no Industrial and Provident Society shall be formed for or
carry on the business of banking.9

7 Building societies defined

(1) Subject to the Financial Services Act 2008, a building society is a society for
the purpose of raising by the subscriptions of the members a stock or
fund for —
(a) making advances to members out of the funds of the society upon
security by way of mortgage of land situate inside or outside the
Isle of Man, or
(b) making loans to, or depositing money with, building societies
established under this Act or established in the United Kingdom
under any enactment of Parliament relating to building societies.10

(2) A building society shall, so far as is necessary for the purposes specified
in subsection (1), have power to hold land.
(3) A building society may from time to time raise funds by the issue of
shares of one or more denominations either paid up in full, or to be paid
by periodical or other subscriptions, and with or without accumulating
interest, and may, subject to the terms of issue of such shares, repay such
funds when no longer required for the purposes of the society.
(4) Any land to which a building society may become absolutely entitled by
surrender or other extinguishment of the right of redemption, or by
purchase in the course of realising any security, shall as soon afterwards
as may be conveniently practicable, be sold or converted into money.
(5) to (9) inclusive [Repealed]11

(10) In this section, the word “land” has the meaning assigned to it by section
3 of the Interpretation Act 1976.12

8 Registration of building society already registered under Companies

Acts

Any society in the nature of an industrial and provident society, or of a building
society or loan company registered under the Companies Acts, may apply to be
registered under this Act, and, upon complying with the provisions hereof, shall
be entitled to be registered hereunder, and shall, upon, being so registered, be
Section 9 The Industrial and Building Societies Act 1892


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relieved from compliance with any of the provisions of the said Acts, which are
not hereby made binding on societies to be hereafter formed under the
provisions hereof, and the memorandum of association and articles of
association of such society or company shall, so far as the same are not contrary
to any express provisions of this Act, be deemed to be the rules thereof, until the
same be altered or rescinded; and where any society or company now registered
under the Companies Acts, shall be registered under this Act, all rights of action
and other rights, and all estates and interest in real and personal property
whatsoever, now belonging to or held in trust for any such society or company
registered under the said Acts, shall, on the incorporation of the society or
company under this Act, vest in the society or company without any
conveyance or assignment whatsoever.
A certificate of incorporation under this Act shall not be granted to an existing
society or company except upon application to the Department made by
authority of a resolution passed by at least three-fourths of the members present
and voting at a general meeting of the society or company specially called for
the purpose, and the Department may require of the person making the
application an affidavit that such authority was duly given.13

Registration, etc
9 Registration of societies

With respect to the registry of societies, the following provisions shall
have effect: —
(1) No society or company shall be registered under this Act which does not
consist of seven persons at least:
(2) For the purpose of registry an application to register the society, signed
by seven members and the secretary, and two written or printed copies
of the rules shall be sent to the Department:14

(3) The Company and Business Names etc Act 2012 has effect in respect of the
names of societies and companies registered under this Part.15

(3A) The requirements of that Act are additional to the requirements of this
Act.16

(4) The word “limited” shall be the last word in the name of every society
registered under this Act:
(5) The Department, on being satisfied that a society has complied with the
provisions as to registry in force under this Act, shall issue to such
society a certificate of incorporation.17

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10 Appeals from decisions of Department

(1) Any person who is aggrieved by the refusal of the Department to register
a society or any rules, or to register or receive any document submitted
to it, or who is aggrieved by any other act or decision of the Department
under this Act, may appeal to a Court of Summary Jurisdiction within 21
days after the date of the refusal or other act or decision, or within such
further time as the Court of Summary Jurisdiction may allow.18

(2) On hearing the appeal, the Court of Summary Jurisdiction may confirm
the refusal or other act or decision of the Department, or give such
directions or make such determination in the matter as the Court of
Summary Jurisdiction thinks fit.19

(3) If the refusal of registry is overruled on appeal, a certificate of
incorporation shall thereupon be given to the society by the
Department.20

(4) The certificate of incorporation shall be conclusive evidence that the
society is duly registered, unless it is proved that the registry of the
society has been suspended or cancelled. The certificate may be in one of
the forms applicable to the society contained in the third schedule to this
Act.
(5) Notwithstanding any other provision of any enactment or any rule of
law, where a person appeals or applies to the Court of Summary
Jurisdiction in respect of an act or decision of the Department under this
Act, until a decision on the appeal or application is given, the
Department, and any person authorised by it under that section for the
purpose may continue to exercise its powers under that section as if no
such appeal or application had been made, and no person shall be
excused from fulfilling his obligations under that section by reason of
that appeal or application.21

11 Cancellation and suspension of registration

With respect to the cancelling or suspension of registry, the following
provisions shall have effect: —
(1) The Department may, by notice in writing, cancel the registry of a
society:
(a) If it thinks fit, at the request of a society, to be evidenced in such
manner as it shall from time to time direct:22

(b) On proof to its satisfaction that a certificate of incorporation has
been obtained by fraud or mistake, or that a society exists for an
illegal purpose, or has wilfully, and after notice from the
Department, violated any of the provisions of this Act, or has
ceased to exist:23

(c) If the Court order that the registry be cancelled:24

Section 12 The Industrial and Building Societies Act 1892


Page 10 AT 6 of 1892 c

(2) The Department, in any case in which it might, without being requested
by the society, cancel the registry of the society, may suspend the same,
by notice in writing, for any term not exceeding three months, and may
renew such suspension from time to time for a like period:25

(3) Not less than two months’ previous notice in writing, specifying briefly
the ground of any proposed cancelling or suspension of registry, shall be
given by the Department to a society before the registry of the same can
be cancelled (except at its request or under an order of the Court) or
suspended; and notice of every cancelling or suspension shall be
published by the Department in two Insular newspapers, at the expense
of the society, as soon as practicable after the same takes place:26

(4) A society may appeal from the cancelling of its registry, or from any
suspension of the same, in the manner herein provided for appeals from
the Department’s refusal to register:27

(5) A society whose registry has been suspended or cancelled shall, from
time to time of the suspension or cancelling (but, if suspended only,
whilst such suspension lasts, and, subject also to the right of appeal
hereby given), absolutely cease to enjoy as such the privileges of a
registered and incorporated society, but without prejudice to any liability
actually incurred by such society, which may be enforced against the
same as if such suspension or cancelling had not taken place.
12 Cancellation of registration of society formed for illegal purpose

The Court, on the petition of the Attorney-General, shall have power, on its
being satisfied that a society has been constituted or exists for an illegal
purpose, to order the registration of the society to be cancelled.
13 Limitation of liability of members

The liability of a member of a building society registered under the Companies
Acts, and subsequently registered under this Act, in respect of any share upon
which no advance has been made, shall be limited to the amount actually
agreed to be paid by him under the original rules or regulations of such society;
the liability of any member of any new society registered under this Act in
respect of any share upon which no advance has been made, shall be limited to
the amount actually paid or in arrear on such share; and the liability of any
member of any society registered under this Act in respect of any share upon
which an advance has been made, shall be limited to the amount payable
thereon under any mortgage or other security, or under the rules of the society.
14 Rules

With respect to the rules of registered societies the following provisions shall
have effect: —
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(1) The rules of every industrial and provident society sent for registry shall
contain provisions in respect of several matters mentioned in the first
schedule to this Act; and the rules of every building society sent for
registry shall contain provisions in respect of the several matters
mentioned in the second schedule to this Act:
(2) Any society under this Act, registered under the Companies Acts
previously to the passing of this Act, may make any amendment of a
rule, by the vote of three-fourths of the members present at a special
meeting called for the purpose, of which meeting notice, specifying the
proposed amendment of a rule, shall be given to the members in the
manner provided by the rules of the society, or, in the absence of such
rules of the society, or, in the absence of such rules, by letters sent
through the post seven days previous to such meeting; and any society
hereafter established may alter or rescind any rule, or make an
amendment of a rule, in the manner its rules direct:
(3) No rule and no amendment of a rule made by a society shall be valid
until the same have been registered under this Act, for which purpose
two copies of such rules or amendment of a rule, signed by three
members and the secretary, shall be sent to the Department, who, if it
finds that such rules, or amendment of a rule, is in conformity with this
Act, shall return one of the copies to the secretary or other officer of the
society, with a certificate of registration thereon, and retain and register
the other copy. The certificate of registration may be in the form
contained in the fourth schedule to this Act:28

(4) The provision herein contained as to appeals from a refusal of registry,
shall apply to rules and amendments of rules:
(5) A copy of the rules of a registered society shall be delivered by the
society to every person on demand, on payment of a sum not exceeding
such sum as may be prescribed under section 32:29

(6) If any person, with intent to mislead or defraud, gives to any other
person a copy of any rules, laws, regulations, or other documents, other
than the rules for the time being registered under this Act, on the
pretence that the same are existing rules of a registered society, or that
there are no other rules of such society, or gives to any person a copy of
any rules on the pretence that such rules are the rules of a registered
society when the society is not registered, the person so offending shall
be deemed guilty of a misdemeanour.
15 Inspection, production and evidence of documents kept by Department

(1) Any person may inspect —
(a) a copy of any document kept by the Department; or30

(b) if the copy is illegible or unavailable, the document itself,
Section 16 The Industrial and Building Societies Act 1892


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on payment of such fees as may be prescribed under section 32 and any
person may require a certificate of registration of any society, or a copy
or extract of any other document or any part of any other document, to
be certified by the Department, on payment for the certificate, certified
copy or extract, of such fees as may be prescribed under section 32.31

(2) No process for compelling the production of any document kept by the
Department shall issue from any court except with the leave of that
court, and any such process if issued shall bear thereon a statement that
it is issued with the leave of the court.32

(3) A copy of or extract from any document kept and registered at the office
for the registration of companies, certified to be a true copy by the
Department (whose official position it shall not be necessary to prove)
shall in all legal proceedings be admissible in evidence as of equal
validity with the original document.33

(4) In this section, a copy is to be treated as the copy of a document if it is
taken from a copy or other reproduction of the original.34

Duties and Obligations
16 Duties and obligations of societies

With respect to the duties and obligations of registered societies, the following
provisions shall have effect: —
(1) Every society shall —
(a) Have a registered office in the Isle of Man, to which all
communications and notices may be addressed, and send to the
Department notice, in writing, of the situation of such office, and
of every change therein:35

(b) Paint or affix, and keep painted or affixed, its name on the outside
of every office or place in which the business of the society is
carried out, in a conspicuous position, in letters easily legible, and
have its name engraven in legible characters on its seal, and have
its name mentioned in legible characters in all notices,
advertisements, and other official publications of the society; and
in all bills of exchange, promissory notes, endorsements, cheques
and orders for money or goods, purporting to be signed by or on
behalf of such society, and in all bills of parcels invoices, receipts,
and letters of credit of the society:
(c) The Secretary or other officer of each society shall, once in every
year at least, prepare an account of all the receipts and
expenditure of the society since the preceding statement, and a
general statement of its funds and effects, liabilities and assets,
showing the amounts due to the holders of the various classes of
The Industrial and Building Societies Act 1892 Section 16


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shares respectively, to depositors and creditors for loans, if any,
and also the balance due or outstanding on their mortgage
securities (not including prospective interest), and the amount, if
any, invested in the funds or other securities; and every such
account and statement shall be submitted for audit either to the
public auditor or to two or more persons appointed as the rules of
the society provide, who shall have access to all the books and
accounts of the society, and who shall examine the general
statement of the receipts and expenditure, funds and effects of the
society, and verify the same with the accounts and vouchers
relating thereto, and shall either sign the same as found by them
to be correct, duly vouched, and in accordance with law, or
specially report to the society in what respects they find it
incorrect, unvouched, or not in accordance with law; and every
member, depositor, and creditor for loans shall be entitled to
receive from the society a copy of such account and statement:
(d) Once in every year before the first of June send to the Department
a general statement (to be called the annual return) of the receipts
and expenditure, funds and effects of the society as audited,
which shall show separately the expenditure in respect of the
several objects of the society, and shall be made out to the 31st of
December, and shall state whether the audit has been conducted
by the public auditor, and if by any persons other than the public
auditor shall state the name, address, and calling or profession of
each of such persons, and the manner in which, and the authority
under which, he is appointed, and together therewith shall send a
copy of the auditor’s report:36

(e) Allow any member or person having an interest in the funds of
the society to inspect the books and the names of the members, at
all reasonable hours, at the registered office of the society, or at
any place were the same are kept; subject to such regulations as to
the time and manner of such inspection as may be made from
time to time by the general meetings of the society, except that no
such member or person, unless he be an officer of the society, or
be specially authorised by a resolution thereof, shall have a right
to inspect a loan or deposit account of any other member without
the written consent of such member:
(f) Supply gratuitously to every member or person interested in the
funds of the society, on his application, a copy of the last annual
return of the society for the time being:
(g) Keep a copy of the last balance-sheet for the time being, together
with the report of the auditors, always hung up in a conspicuous
place at the registered office of the society:
(2) It shall be an offence under this Act if any registered society —
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(a) Fails to give any notice, send any return or document, or do or
allow to be done any act or thing which the society is by this Act
required to give, send, do, or allow to be done:
(b) Wilfully neglects or refuses to do any act or to furnish any
information required for the purposes of this Act by the
Department, or other person authorised under this Act, or does
any act or thing forbidden by this Act:37

(c) Makes a return, or wilfully furnishes information, in any respect
false or insufficient:
(3) Every offence by a society under this Act shall be deemed to have been
also committed by every officer of the same bound by the rules thereof to
fulfil the duty whereof such offence is a breach, or if there be no such
officer, then by every member of the committee of the same, unless such
member be proved to have been ignorant of or to have attempted to
prevent the commission of such offence; and every act or default under
this Act; constituting an offence, if continued, shall constitute a new
offence in every week during which the same continues:
(4) Each return and other document required for the purposes of this Act
shall be made in such form, and shall contain such particulars as the
Department shall prescribe:38

(5) All documents by this section required to be sent to the Department shall
be deposited with the rules of the societies to which the same
respectively relate, and shall be registered or recorded by the
Department, with such observations thereon, if any, as the Department
shall direct.39

Privileges, etc
17 Privileges of societies

Registered societies shall be entitled to the following privileges: —
(1) The registration of a society shall render it a body corporate by the name
described in the certificate of incorporation, by which it may sue and be
sued, with perpetual succession and a common seal, and with limited
liability; and shall vest in the society all property for the time being
vested in any person in trust for the society:
(2) The rules of the society shall bind the society and all members thereof,
and all persons claiming through them respectively, to the same extent as
if each member had subscribed his name thereto, and there were
contained in such rules a covenant on the part of himself, his heirs,
executors, and administrators, to conform thereto, subject to the
provisions of this Act: Provided that a society registered at the time of
the promulgation of this Act under the provisions of the Companies
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Acts, and thereafter registered under this Act as hereinbefore provided,
or the members thereof, may respectively exercise any power given by
this Act, and not made to depend on the provisions of its rules
notwithstanding any provision contained in the Articles of Association
thereof:
(3) All moneys payable by a member to the society shall be a debt due from
such member to the society, and shall be recoverable as such:
(4) Two or more persons may jointly hold a share or shares in a society, and
all shares held jointly by any two or more persons in any society
subsisting at the time of the promulgation of this Act, the rules whereof
shall not prohibit such joint holding, shall be deemed to be lawfully so
held:
(5) (a) A member of a registered Society, not being under the age of
sixteen years, may by writing under his hand delivered at or sent
to the registered office of the Society during the lifetime of such
member or made in any book kept thereat, nominate any person
or persons to or among whom there shall be transferred at his
decease such property in the Society as may be his at the time of
his decease (whether in shares, loans or deposits, or otherwise), or
so much thereof as is specified in such nomination, if the
nomination does not comprise the whole. If on the death of the
nominator the amount of his property in the Society comprised in
the nomination exceeds £5,000, the nomination shall be valid to
the extent of the sum of £5,000, but not further or otherwise:
Provided that a person so nominated shall not be an officer or
servant of the Society unless such officer or servant is the spouse,
civil partner, father, mother, child, brother, sister, nephew or niece
of the nominator.40

(b) A nomination so made may be revoked or varied by a subsequent
nomination signed and delivered or sent or made as aforesaid or
by any similar document in the nature of a revocation or variation
under the hand of the nominator so delivered, sent or made as
aforesaid, but shall not be revokable or variable by the will of the
nominator or by any codicil thereto.
(c) The Society shall keep a book wherein the names of all persons so
nominated and all revocations or variations (if any) of such
nominations shall be recorded, and the property comprised in any
such nomination to an amount not exceeding £5,000 shall be
payable or transferable to the nominee although the rules of the
Society declare the shares not to be transferable.41

(d) The marriage of a member of a Society shall operate as a
revocation of any nomination made by him before such marriage,
provided that, in the event of an officer of a Society having
transferred any property of a member to a nominee, in ignorance
Section 17 The Industrial and Building Societies Act 1892


Page 16 AT 6 of 1892 c

of a marriage contracted subsequent to the date of the
nomination, the receipt of the nominee shall be a valid discharge
to the Society, and the Society shall be under no liability to any
other person claiming such property.
(da) The formation of a civil partnership by a member of a society
revokes any nomination made by the member before the
formation of the civil partnership; but if any property of that
member has been transferred by an officer of the society in
pursuance of the nomination in ignorance of a civil partnership
formed by the nominator after the date of the nomination —
(i) the receipt of the nominee shall be a valid discharge to the
society, and
(ii) the society shall be under no liability to any other person
claiming the property.42

(e) On receiving satisfactory proof of the death of a nominator, the
Committee of the Society shall, subject to the limitation on
amount hereinbefore provided, either transfer the property
comprised in the nomination in manner directed by the
nomination, or pay to every person entitled thereunder the full
value of the property given to him, unless the shares comprised in
the nomination, if transferred as directed by the nominator,
would raise the share capital of any nominee to a sum exceeding
the maximum for the time being permitted in the case of the
Society, in which case they shall pay him the value of such
excess.43

(f) Where a nominee who is nominated under the provisions of this
section is under sixteen years of age, the Society may pay the sum
nominated to either parent, or to a guardian of the nominee or to
any other person of full age who will undertake to hold the same
on trust for the nominee or to apply the same for his benefit and
whom the Society may think a fit and proper person for the
purpose, and the receipt of such parent, guardian, or other person
shall be a sufficient discharge to the Society for all moneys so
paid.44

(6) Each society whose rules do not forbid such an investment shall have
authority to invest its moneys under the general power of investment in
section 3 of the Trustee Act 2001:45

(7) A person under the age of eighteen but above the age of sixteen may be a
member of a society, unless provision be made in the rules thereof to the
contrary, and may, subject to the rules of the society, enjoy all the rights
of a member (except as herein provided), and execute all instruments
and give all acquittances necessary to be executed or given under the
rules, but shall not be a member of the committee, trustee, manager, or
treasurer of the society:46

The Industrial and Building Societies Act 1892 Section 17


c AT 6 of 1892 Page 17

(8) A promissory note or bill of exchange shall be deemed to have been
made, accepted, or endorsed by a society, if made, accepted, endorsed in
the name, or by or on behalf, or account of the society, by any person
acting under the authority of the society:
(9) Any register or list of members or shares kept by any society shall be
prima facie evidence of any of the following particulars entered
therein: —
(a) The names, addresses, and occupations of the members, the
number of shares held by them respectively, the numbers of such
shares, if they are distinguished by numbers, and the amount paid
or agreed to be considered as paid on any such shares:
(b) The date at which the name of any person, company, or society
was entered in such register or list as a member:
(c) The date at which any such person, company, or society ceased to
be a member.
(10) Contracts on behalf of the society may be made, varied, or discharged, as
follows: —
(a) Any contract which if made between private persons would be by
law required to be by deed, may be made on behalf of the society
in writing under the common seal of the society, signed by two
members of the committee, and countersigned by the secretary,
and may in the same manner be varied or discharged:
(b) Any contract which if made between private persons would be by
law required to be in writing, and signed by the persons to be
charged therewith, may be made on behalf of the society in
writing by any person acting under the express or implied
authority of the society, and may in the same manner be varied or
discharged:
(c) Any contract which if made between private persons would be by
law valid though made by parol only, and not reduced into
writing, may be made by parol on behalf of the society by any
person acting under the express or implied authority of the
society, and may in the same manner be varied or discharged:
(d) A signature purporting to be made by a person holding any office
in the society attached to a writing whereby any contract purports
to be made, varied or discharged by or on behalf of the society,
shall prima facie be taken to be the signature of a person holding,
at the time when the signature was made, the office so stated:
and all contracts which may be, or have been made, varied, or
discharged according to the provisions herein contained, shall, so far as
concerns the form thereof, be effectual in law and binding on the society
and all other parties thereto, their heirs, executors, or administrators, as
the case may be.
Section 18 The Industrial and Building Societies Act 1892


Page 18 AT 6 of 1892 c

Property and Funds
18 Property and funds of societies

With respect to the property and funds of registered societies, the following
provisions shall have effect: —
(1) A society may (if its rules do not direct otherwise) hold, purchase, or take
on lease, in its own name, any land, and may sell, exchange, mortgage,
lease, or build upon the same (with power to alter and pull down
buildings and again rebuild), and no purchaser, assignee, mortgagee, or
tenant shall be bound to inquire as to the authority for any such sale,
exchange, mortgage, or lease by the society, and the receipt of the society
shall be a discharge for all moneys arising from or in connection with
such sale, exchange, mortgage, or lease:
(2) The rules may provide for the advancing of money by the society to
members on the security of real or personal property:
(3) A society may, if its rules so allow, invest any part of its capital in the
shares or on the security of any other society registered under this Act, or
of any company registered under the Companies Acts, or incorporated
by Act of Tynwald, or incorporated in England or Scotland under the
provisions of any Act of the Imperial Parliament: Provided that no such
investment be made in the shares of any society or company other than
one with limited liability; and a society so investing may make such
investment in its registered name, and shall be deemed to be a person
within the meaning of the Companies Acts; and any investment made
before the passing of this Act, which would have been valid if this Act
had been then in force, is hereby made valid and confirmed:
(3A) Notwithstanding paragraph (3) above, a society may, if its rules so allow,
invest any funds of the society which are not immediately required for its
purpose in a manner authorised by regulations made under this
paragraph by the Treasury; and such regulations may contain provisions
authorising the application of funds of a society in any form of
investment subject to any limitations so to amount, whether by reference
to a fixed sum or by reference to a proportion of the total investments of
the society or otherwise:47

(4) Any other body corporate may, if its regulations permit, hold shares by
its corporate name in a society:
(5) The profits of the society may be applied to any lawful purpose:
(6) If any person obtains possession, by false representation or imposition, of
any property of a society, or, having the same in his possession,
withholds or misapplies the same, or wilfully applies any part thereof to
purposes other than those expressed or directed in the rules of the
society and authorised by this Act, he shall, on the complaint of the
society, or of any member authorised by the society, or the committee
The Industrial and Building Societies Act 1892 Section 19


c AT 6 of 1892 Page 19

thereof, or of the Department, be liable, on summary conviction, to a
penalty not exceeding £5,000, with costs, and to be ordered to deliver up
all such property, or to repay all moneys applied improperly, and in
default of such delivery or repayment, or of the payment of such penalty
and costs aforesaid, to be imprisoned, with or without hard labour, for
any time not exceeding three months; but nothing herein contained shall
prevent any such person from being proceeded against by way of
indictment, if not previously convicted of the same offence under the
provisions of this Act.48

Loans
19 Borrowing of money

With respect to the borrowing of money by building societies under this Act, the
following provisions shall have effect: —
(1) Any society under this Act may receive deposits or loans, at interest,
within the limits in this section provided, from the members or other
persons, or from corporate bodies, joint stock companies, or from any
terminating building society, to be applied to the purposes of the society:
(2) In a permanent society the total amount so received on deposit or loan,
and not repaid by the society, shall not at any time exceed two-thirds of
the amount for the time being secured to the society by mortgages from
its members:
(3) In a terminating society the total amount so received, and not repaid,
may either be a sum not exceeding such two-thirds as aforesaid, or a sum
not exceeding twelve months’ subscriptions on the shares for the time
being in force:
(4) Any deposits with or loans to a society made before the promulgation of
this Act in accordance with its authorised rules, are hereby declared to be
valid and binding on the society, but no further deposits or loans shall be
received by such society, except within the limits provided by this
section:
(5) Every deposit book, or acknowledgment or security of any kind, given
for a deposit or loan by a society, shall have printed or written therein or
thereon the whole of the thirteenth and nineteenth sections of this Act.
Accountability of Officers
20 Accountability of officers

With respect to officers of registered societies having receipt or charge of
money, the following provisions shall have effect: —
Section 21 The Industrial and Building Societies Act 1892


Page 20 AT 6 of 1892 c

(1) Every officer of a society under this Act having the receipt or charge of
any money belonging to the society shall, before taking upon himself the
execution of his office, become bound with one sufficient security at the
least, in a bond, according to the form set forth in the fifth schedule to
this Act, or such other form as the committee of the society approve, or
give the security of a guarantee society, or such other security as the
society direct, in such sum as the committee require, conditioned for his
rendering a just and true account of all moneys received and paid by him
on account of the society, and for payment of all sums of money due
from him to the society, at such times as its rules appoint, or as the
society or the committee thereof require him so to do:
(2) Every such officer, his executors, or administrators, shall, upon demand
made, or notice in writing given or left at his last or usual place of
residence, give in his account as may be required by the committee of the
society, to be examined and allowed or disallowed by them, and shall, on
the like demand or notice, pay over all the moneys remaining in his
hands, and deliver all securities and effects, books, papers, and property
of the society in his hands or custody, to such person as the society or the
committee appoint; and in case of any neglect or refusal to deliver such
account, or to pay over such moneys, or to deliver such securities and
effects, books, papers, and property, in manner aforesaid, the society
may sue upon the bond or security before-mentioned, or may apply to
the court, which may proceed thereupon summarily, and make such
order thereon as to the court in its discretion shall seem fit, which order
shall be final and conclusive.
Disputes
21 Determination of disputes

With respect to disputes concerning registered societies, the following
provisions shall have effect: —
(1) Where the rules of a society under this Act direct disputes to be referred
to arbitration, arbitrators shall be named and elected in the manner such
rules provide, or, if there be no such provision, at the first general
meeting of the society, none of the said arbitrators being beneficially
interested, directly or indirectly, in its funds; of whom a certain number,
not less than three, shall be chosen by ballot in each such case of dispute,
the number of the said arbitrators and mode of ballot being determined
by the rules of the society; the names of such arbitrators shall be duly
entered in the minute book of the society, and, in case of the death or
refusal or neglect of any of the said arbitrators to act, the society, at a
general meeting, shall name and elect an arbitrator to act in the place of
the arbitrator dying, or refusing or neglecting to act; and whatever award
shall be made by the arbitrators or the major part of them, according to
The Industrial and Building Societies Act 1892 Section 22


c AT 6 of 1892 Page 21

the true purport and meaning of the rules of the society, shall determine
the dispute; and should either of the parties to the dispute refuse or
neglect to comply with or conform to such award within a time to be
limited therein, the court, upon good and sufficient proof being adduced
of such award having been made, and of the refusal of the party to
comply therewith, shall enforce compliance with the same upon the
petition of any person concerned, such petition to be heard summarily.
Where the parties to any dispute arising in a society under this Act agree
to refer the dispute to the Department, or where the rules of the society
direct disputes to be referred to the Department, the award of the
Department shall have the same effect as that of arbitrators.49

(2) The court may hear and determine a dispute in the following cases: —
(a) If it shall appear to the court, upon the petition of any person
concerned, that application has been made by either party to the
dispute to the other party, for the purpose of having the dispute
settled by arbitration under the rules of the society, and that such
application has not within forty days been complied with, or that
the arbitrators have refused or for a period of twenty-one days
have neglected to make any award:
(b) Where the rules of the society direct disputes to be referred to the
court or to justices.
(3) Every determination by arbitrators or by the court under this Act of a
dispute shall be binding and conclusive on all parties, and shall be final
to all intents and purposes, and shall not be subject to appeal, and shall
not be removed or removable into, or restrained or restrainable by the
injunction of any court; provided always, that the arbitrators or the court,
as the case may be, may, at the request of either party, state a case for the
opinion of the Staff of Government Division of the High Court of Justice
on any question of law, and shall have power to grant to either party to
the dispute such discovery, as to documents and otherwise, as might
now be granted by any court, such discovery to be made on behalf of the
society by such officer of the society as the arbitrators or court may
determine.
Inspection of Affairs
22 Inspection of affairs by order of Court

With respect to the inspection of the affairs of registered societies, the following
provisions shall have effect: —
(1) Upon the application, by petition of the Authority or of one-fifth of the
whole number of members of a society, the court may —
(a) Appoint one or more inspectors to examine into the affairs of the
society, and to report thereon, and the inspector or inspectors may
Section 23 The Industrial and Building Societies Act 1892


Page 22 AT 6 of 1892 c

require the production of all or any of the books and documents
of the society, and may examine on oath its officers, members,
agents, and servants, in relation to its business, and may
administer such oath:
(b) Call a special meeting of the society in such manner and at such
time and place as the court may direct, and the court may direct
what matters shall be discussed and determined on at such
meeting, which shall have all the powers of a meeting called
according to the rules of the society, and shall in all cases have
power to appoint its own chairman, any rule of the society to the
contrary notwithstanding:50

(2) The application in the section mentioned shall be supported by such
evidence as the court shall require for the purpose of showing that the
applicants have good reason for requiring such inspection to be made, or
meeting to be called, and that they are not actuated by malicious motives
in their application, and such notice thereof shall be given to the society
as the court shall direct:
(3) The court may, if it thinks fit, require the applicants to give security for
the costs of the proposed inspection or meeting before appointing any
inspection, or calling such meeting:
(4) All expenses of, and incidental to, any such inspection or meeting, shall
be defrayed either by the applicants or out of the funds of the society, as
the court shall direct.
(5) The inspectors shall provide a copy of any report produced under
paragraph (1)(a) to the Authority.51

Special Resolutions
23 Special resolutions, etc

With respect to special resolutions by registered societies, and to the
proceedings which may be taken by virtue thereof, the following provisions
shall have effect: —
(1) A special resolution is one which is passed by a majority of not less than
three-fourths of such members of a society for the time being entitled
under the rules of vote, as may be present in person or proxy (where the
rules allow proxies) at any general meeting of which notice specifying
the intention to propose such resolution has been duly given according
to the rules, and which resolution is confirmed by the majority of such
members for the time being entitled under the rules to vote, as may be
present in person or by proxy at a subsequent general meeting of which
notice has been given, held not less than fourteen days, nor more than
one month, from the day of the meeting at which such resolution was
first passed. At any meeting mentioned in this section a declaration by
The Industrial and Building Societies Act 1892 Section 23


c AT 6 of 1892 Page 23

the chairman that the resolution has been carried, shall be deemed
conclusive evidence of the fact:
(2) A society may, by a special resolution with the approval of the
Department and the Authority in writing, change its name, provided that
the new name is not identical with that of any society previously
registered and still subsisting, or so nearly resembling the same as to be
calculated to deceive, unless such subsisting society is in course of being
terminated or dissolved, and consents to such registration. Notice of the
change of name shall be sent to the Department and registered by it, and
it shall give a certificate of the registration of such change of name. Such
change of name shall not affect any right of obligation of the society, or
of any member thereof, or other person, and any pending legal
proceedings may be continued by or against the society, notwithstanding
its change of name:52

(3) Any two or more industrial and provident societies, or any two or more
building societies, may, by special resolution of both or all the societies
concerned, become amalgamated together as one society, with or
without any dissolution or division of the funds of the society or any of
them, and any society may, by special resolution, transfer its
engagements to any other registered society which may undertake to
fulfil the engagements of such society:53

(4) A society may, by special resolution, determine to convert itself into a
company under the Companies Acts, or to amalgamate with or transfer
its engagements to any such company:54

(5) A copy of every special resolution for any of the purposes mentioned in
this section, signed by the chairman of the meeting and countersigned by
the secretary, shall be sent to the registry office and shall be registered
there, and until such copy be registered such special resolution shall not
take effect:55

(6) If a special resolution for converting a society into a company contains
the particulars by the Companies Acts required to be contained in the
Memorandum of Association of a company, and a copy thereof has been
registered at the registry office, a copy of such resolution, certified to be a
true copy by the Department, shall have the same effect as a
Memorandum of Association duly signed and attested under the said
Acts:56

(7) If a society be hereafter registered as, or amalgamates with, or transfers
all its engagements to a company, the registry of such society under this
Act shall thereupon become void, and the same shall be cancelled by the
Department; but the registration of a society as a company shall not
affect any right or claim for the time being subsisting against such
society, or any penalty for the time being incurred by such society; and
for the purpose of enforcing any such right, claim, or penalty, the society
Section 24 The Industrial and Building Societies Act 1892


Page 24 AT 6 of 1892 c

may be sued and proceeded against in the same manner as if it had not
become registered as a company; and every such right or claim, or the
liability to such penalty, shall have priority as against the property of
such company, over all other rights or claims against or liabilities of such
company.57

Dissolution
24 Dissolution of society

A society under this Act may terminate or be dissolved —
(1) Upon the happening of any event declared by its rules to be the
termination of the society:
(2) By dissolution in manner prescribed by its rules:
(3) By dissolution with the consent of three-fourths of the members, holding
not less than two-thirds of the number of shares in the society, testified
by their signatures to the instrument of dissolution.
The instrument of dissolution shall set forth —
(a) The liabilities and assets of the society in detail:
(b) The number of members, and the amount standing to their credit
in the books of the society; or the nature of their interests in the
society respectively:
(c) The claims of depositors and other creditors, and the provision to
be made for their payment:
(d) The intended appropriation or division of the funds and property
of the society:
(e) The names of one or more persons to be appointed trustees for the
special purpose, and their remuneration:
(f) Alterations in the instrument of dissolution may be made with the
like consent, testified in the same manner. The instrument of
dissolution and all alterations therein shall be registered in the
manner provided for the registration of rules, and shall be
binding upon all the members of the society:58

(4) By winding-up (under the provisions of the Companies Acts, in like
manner, as nearly as may be, as if the society were a company under
such Acts), either voluntarily under the supervision of the court or by the
court, if the court shall so order, on the petition of any member
authorised by three-fourths of the members present at a general meeting
of the society specially called for the purpose to present the same on
behalf of the society, or on the petition of the Authority or of any
judgment creditor for not less than fifty pounds, but not otherwise:59

The Industrial and Building Societies Act 1892 Section 24


c AT 6 of 1892 Page 25

(5) Where a society is wound-up the liability of a present or past member of
the society to contribute for payment of the debts and liabilities of the
society, the expenses of winding-up, and the adjustment of the rights of
contributories amongst themselves, shall be qualified as follows: —
(a) No individual, society, or company who or which has ceased to be
a member for one year or upwards prior to the commencement of
the winding-up, shall be liable to contribute:
(b) No individual, society, or company shall be liable to contribute in
respect of any debt or liability contracted after he or it ceases to be
a member:
(c) No individual, society, or company not a member shall be liable
to contribute, unless it appears to the court that the contributions
of the existing members are insufficient to satisfy the just
demands on the society:
(d) No contribution shall be required from any individual, society, or
company exceeding the amount (if any) unpaid on the shares in
respect of which he or it is liable as a past or present member:
(e) An individual, society, or company shall be taken to have ceased
to be a member, in respect of any withdrawable share withdrawn,
from the date of the notice or application for withdrawal.
24A Power to make orders as to the disposal of valueless documents

(1) Where a society has been dissolved under this Act the Department after
consultation with the Authority and the Chief Registrar may at any time
after the expiration of 12 years (or 2 years where subsection (2) applies)
from the date of dissolution, order the disposal, by destruction or
otherwise, of documents relating to that society which are in the office
for the registration of companies, the Public Record Office or any
repository referred to in section 1(5) of the Public Records Act 1999 and
which are not of sufficient public value to justify their preservation.60

(2) The Department may make an order under subsection (1) at any time
after the expiration of 2 years from such dissolution if it is satisfied that it
has in its custody a copy of any document disposed of under that
subsection.61

(3) A copy of any document to which subsection (2) above applies shall for
the purposes of this Act, be treated as if it were the original document
and if the copy is not kept in a legible form, any duty of the Department
to allow inspection of, or to furnish a copy of, the document or any part
of it is to be treated as a duty to allow inspection of, or to furnish a
reproduction of the copy or of the relevant part of it in legible form.62

Section 25 The Industrial and Building Societies Act 1892


Page 26 AT 6 of 1892 c

Penalties, etc
25 Commencing business before incorporation and failure to make

returns, etc

If any society hereafter formed under this Act, or any persons representing
themselves to be a society under this Act, commence business without first
obtaining a certificate of incorporation under this Act, or if any society under
this Act makes default in forwarding to the Department any returns or
information by this Act required, or in inserting in any deposit book or
acknowledgment or security for loan the matters required by section sixteen of
this Act to be inserted therein, or makes a return wilfully false in any respect,
the person or persons by whom business shall have been so commenced, or by
whom such default shall have been made, or who shall have made such wilfully
false return, shall be guilty of a misdemeanour. If any society under this Act
receives loans or deposits in excess of the limits prescribed by this Act, the
directors or committee of management of such society receiving such loans or
deposits on its behalf, shall be personally liable for the amount so received in
excess.63

26 Penalties against officers

Every society officer or member of a society, or other person guilty of an offence
under this Act for which no penalty is expressly provided herein shall be liable
to a penalty not exceeding £500.
27 Penalties for falsification

If any person wilfully makes, orders, or allows to be made any entry, erasure, in
or omission from any balance-sheet of a registered society, or any contribution
or collecting book, or any return or document required to be sent, produced, or
delivered for the purposes of this Act, with intent to falsify the same, or to
evade any of the provisions of this Act, he shall be guilty of a misdemeanour.
28 Not using name of society

If any member of the society, or any person on its behalf, uses any seal
purporting to be a seal of the society, whereon its name is not engraved as
aforesaid, or issues or authorises the issue of any notice, advertisement, or other
official publication of the society, or signs or authorises to be signed on behalf of
the society any bill of exchange, promissory note, endorsement, cheque, order
for money or goods, or issues or authorises to be issued any bills of parcels,
invoice, receipt, or letters of credit of the society, wherein its name is not
mentioned in manner aforesaid, he shall be liable to a penalty of £1,000, and
shall further be personally liable to the holder of any such bill of exchange,
promissory note, cheque, or order for money or goods for the amount thereof
unless the same is duly paid by the society.
The Industrial and Building Societies Act 1892 Section 29


c AT 6 of 1892 Page 27

29 Recovery of penalties

The penalties imposed or to be imposed (1) by this Act, (2) by any regulations
under the same, or (3) by the rules of a registered society, shall be recoverable in
a court of summary jurisdiction, and at the suit in cases (1) and (2) of the
Department, or of any person aggrieved, and in case (3) of the society.64

30 Description of offences

In any information or complaint under this Act it shall be sufficient to describe
the offence in the words of this Act, and no exception, exemption, proviso,
excuse or qualification accompanying the description of the offence in this Act
need be specified or negatived.
31 Penalty for misdemeanour

Any person convicted of a misdemeanour under this Act shall be liable, at the
discretion of the Court in which he may be tried, to be imprisoned for a term not
exceeding two years, with or without hard labour, and to a penalty not
exceeding £5,000.
Fees and Regulations
32 Regulations

(1) The Department may make regulations concerning any of the following
matters —
(a) the fees to be paid to the Department for matters to be transacted,
or for the inspection of documents under this Act;65

(aa) the maximum sum payable under section 14(5);66

(b) the forms to be used for the purposes of this Act;
(c) the conduct and regulation of registration under this Act and any
matters incidental thereto.67

(2) Regulations under subsection (1) —
(a) shall not be made under paragraph (a) except with the
concurrence of the Treasury; and
(b) shall not take effect unless they are approved by Tynwald.68

The Industrial and Building Societies Act 1892 Schedule 1



c AT 6 of 1892 Page 29

Schedule 1

MATTERS TO BE PROVIDED FOR BY THE RULES OF INDUSTRIAL AND

PROVIDENT SOCIETIES REGISTERED UNDER THIS ACT

Section 14
1. Object, name, and place of office of the society.
2. Terms of admission of the members, including any society or company
investing funds in the society under the provisions of subsections 3 or 4
of section 18.
3. Mode of holding meetings and right of voting, and of making, altering,
or rescinding rules.
4. The appointment and removal of a committee of management, by
whatever name, of managers and other officers, and their respective
powers and remuneration.
5. Determination of the amount of interest, not exceeding £5,000, or such
other sum as may be specified by an order under section 2 of the
Industrial and Building Societies Act 1979, in the shares of the society which
any members (other than registered societies) may hold.69

6. Determination whether the shares or any number thereof shall be
transferable; and, if it be determined that the shares or any number
thereof shall be transferable, provision for the form of transfer and
registration of the share, and for the consent of the committee thereto;
and if it be determined that the shares or any of them shall be
withdrawable, provision for paying the members the balance due
thereon on withdrawing from the society.
7. Provision for the audit of accounts.
8. Determination whether and how members may withdraw from the
society, and provision for the claims of executors, administrators, or
trustees of the property of bankrupt members, and for the payment of
nominees in the case herein mentioned.
9. Mode of application of profits.
10. Provisions for the custody, use, and device of the seal of the society,
which shall in all cases bear the registered name of the society.
11. Determination whether, and by what authority, and in what manner, any
part of the capital may be invested.
12. The powers and duties of the board of directors, committee of
management, or trustees, and other officers.
13. The fines and forfeitures to be imposed on members of the society.
Schedule 2
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Page 30 AT 6 of 1892 c

14. The manner in which the society, whether terminating or permanent,
shall be terminated or dissolved.
15. Determination whether the Society may contract loans or receive money
on deposit subject to the provisions of this Act from members or others;
and, if so, under what conditions, on what security, and to what limits of
amount.70

Schedule 2

MATTERS TO BE PROVIDED FOR BY THE RULES OF BUILDING SOCIETIES

REGISTERED UNDER THIS ACT

Section 14
1. Object, name, and the chief office or place of meeting for the business of
the society.
2. Terms of admission of the members, the manner in which the stock or
funds of the society are to be raised, the terms upon which paid-up
shares (if any) are to be issued and repaid, and whether preferential
shares are to be issued, and, if so, within what limits, if any; and whether
the society intends to avail itself of the borrowing powers contained in
this Act, and, if so, within what limits, not exceeding the limits
prescribed by this Act.
3. The purposes to which the funds of the society are to be applied, and the
manner in which they are to be invested.
4. The terms upon which shares may be withdrawn, forfeited, or
surrendered, and upon which mortgages may be redeemed.
5. The manner of altering and rescinding the rules of the society, and of
making additional rules.
6. The manner of appointing, remunerating, and removing the board of
directors, committee of management, trustees, auditors, and other
officers.
7. The manner of calling general and special meetings of the members.
8. Provisions for an annual or more frequent audit of the accounts and
inspection by the auditors of the mortgages and other securities
belonging to the society.
9. Whether disputes between the society and any of its members or any
person claiming by or through any member, or under the rules, shall be
settled by reference to the Court, or to arbitration.
10. Provision for the device, custody, and use of the seal of the society,
which shall, in all cases, bear the registered name thereof.
11. The powers and duties of the board of directors, committee of
management, or trustees, and other officers.
The Industrial and Building Societies Act 1892 Schedule 3



c AT 6 of 1892 Page 31

12. The fines and forfeitures to be imposed on members of the society.
13. The manner in which the society, whether terminating or permanent,
shall be terminated or dissolved.
Schedule 3

CERTIFICATES OF INCORPORATION

Section 1071

No 1 - Society formed under this Act The Department certifies that the Industrial and Provident
Society Limited [or the Building Society, Limited,] is incorporated
as an Industrial and Provident Society [or as a Building Society] under the Industrial
and Building Societies Act, 1892.
This day of 189
, Department
No 2 - Company existing under the Companies Acts The Department certifies that the Company, Limited,
registered under the Companies Acts, 1865 to 1884, is incorporated as an Industrial and
Provident Society [or as a Building Society] under The Industrial and Building Societies
Act, 1892.
This day of 189
, Department
Schedule 4

CERTIFICATE OF REGISTRATION OF RULES

Section 1472

The Department certifies that the foregoing rules [or addition to, or alterations of the
rules (as the case may be)] of the Society, Limited, are
registered under The Industrial and Building Societies Act, 1892.
This day of 189
, Department

Schedule 5
The Industrial and Building Societies Act 1892


Page 32 AT 6 of 1892 c

Schedule 5

FORM OF BOND

Section 20
Know all men by these, that we, A.B., of one of the
officers of the Society Limited, established at
, in the parish of , and C.D., of
(as surety on behalf of the said A.B.), are jointly and severally held and firmly
bound to the said society in the sum of to be paid to the said
society, or their certain attorney, for which payment well and truly to be made we
jointly and severally bind ourselves, and each of us by himself, our and each of our
heirs, executors, and administrators, firmly by these presents.
In witness whereof we have hereunto subscribed our names.
Dated the day of in the year of our Lord,
Whereas the above-bounden A.B. has been duly appointed to the office of
of the Society, established as aforesaid, 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 said 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 said society in his hands or custody to such person or persons as the said society or
the committee thereof may appoint, according to the rules of the said society, together
with the proper and legal receipts or vouchers for such payments, then the above-
written bond shall be void, otherwise shall remain in force.
Signed and delivered in the presence of [two witnesses.]
The Industrial and Building Societies Act 1892 Endnotes


c AT 6 of 1892 Page 33

ENDNOTES

Table of Endnote References

1
Definition of “Authority” inserted by SD2015/0090 as amended by SD2015/0276. 2
Definition of “The court” amended by SD352/09. 3
Definition of “The Commission” inserted by Building Societies Act 1986 s 5 and
repealed by SD2015/0090 as amended by SD2015/0276. 4
Definition of “Department” inserted by SD155/10 Sch 2. 5
Definition of “Registrar” repealed by Companies (Transfer of Functions) Act 2000
Schs 1 and 3. 6
Definition of “Registry Office” substituted by Companies (Transfer of Functions) Act
2000 Sch 1. 7
Definition of “public auditor” substituted by Audit Act 2006 Sch 1. 8
S 4 repealed by Financial Services Act 2008 Sch 7 (with savings - see para 5 of Sch 8). 9
S 6 substituted by Industrial and Building Societies Act 1963 s 2 and amended by
Industrial and Building Societies Act 1979 s 4. 10
Subs (1) amended by Financial Services Act 2008 Sch 6. 11
Subss (5) to (9) inclusive repealed by Financial Services Act 2008 Sch 7 (with savings -
see para 5 of Sch 8). 12
S 7 substituted by Building Societies Act 1986 s 1. 13
S 8 amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by SD155/10
Sch 2. 14
Subs (2) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 15
Subs (3) substituted by Company and Business Names etc Act 2012 Sch. 16
Subs (3A) inserted by Company and Business Names etc Act 2012 Sch. 17
Subs (5) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 18
Subs (1) amended by SD155/10 Sch 2. 19
Subs (2) amended by SD155/10 Sch 2. 20
Subs (3) amended by SD155/10 Sch 2. 21
S 10 substituted by Companies, etc. (Amendment) Act 2003 s 29 and amended by
SD155/10 Sch 2. Subs (5) amended by SD155/10 Sch 2. 22
Subpara (a) amended by Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 23
Subpara (b) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 24
Subs (1) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 25
Subs (2) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 26
Subs (3) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2.
Endnotes The Industrial and Building Societies Act 1892


Page 34 AT 6 of 1892 c

27
Subs (4) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 28
Subs (3) amended by Companies (Transfer of Functions) Act 2000 Sch 1, by
Interpretation Act 1976 s 16A and by SD155/10 Sch 2. 29
Subs (5) amended by Industrial and Building Societies (Amendment) Act 1955 s 9
and by Financial Services Act 2008 Sch 6. 30
Para (a) amended by SD155/10 Sch 2. 31
Subs (1) amended by SD155/10 Sch 2. 32
Subs (2) amended by SD155/10 Sch 2. 33
Subs (3) amended by SD155/10 Sch 2. 34
S 15 substituted by Companies, etc. (Amendment) Act 2003 s 30 and amended by
SD155/10 Sch 2. 35
Para (a) amended by Building Societies Act 1986 s 5, by Companies (Transfer of
Functions) Act 2000 Sch 1 and by SD155/10 Sch 2. 36
Subpara (d) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 37
Subpara (b) amended by Companies (Transfer of Functions) Act 2000 Schs 1 and 3
and by SD155/10 Sch 2. 38
Subs (4) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 39
Subs (5) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 40
Subpara (a) amended by Administration of Estates Act 1987 s 4 and by Civil
Partnership Act 2011 Sch 14. 41
Subpara (c) amended by Administration of Estates Act 1987 s 4. 42
Subpara (da) inserted by Civil Partnership Act 2011 Sch 14. 43
Subpara (e) amended by Administration of Estates Act 1987 s 4. 44
Subs (5) substituted by Industrial and Building Societies Act 1963 s 3. 45
Subs (6) substituted by Trustee Act 2001 Sch 2. 46
Subs (7) amended by Family Law Reform (Isle of Man) Act 1971 Sch 1. 47
Subs (3A) inserted by Statute Law Revision Act 1983 Sch 1 and amended by Treasury
Act 1985 Sch 2. 48
Subs (6) amended by Building Societies Act 1986 s 6, by Companies (Transfer of
Functions) Act 2000 Sch 1 and by SD155/10 Sch 2. 49
Subs (1) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 50
Subs (1) amended by Building Societies Act 1986 s 5 and by SD2015/0090 as amended
by SD2015/0276. 51
Subs (5) added by Company Officers (Disqualification) Act 2009 Sch 4 and amended
by SD2015/0090 as amended by SD2015/0276. 52
Subs (2) amended as to special resolution by Industrial and Building Societies
(Amendment) Act 1955 s 1(2), by Companies (Transfer of Functions) Act 2000 Sch 1, by
The Industrial and Building Societies Act 1892 Endnotes


c AT 6 of 1892 Page 35


Interpretation Act 1976 s 16A, by SD155/10 Sch 2 and by SD2015/0090 as amended by
SD2015/0276. 53
Subs (3) amended as to special resolution by Industrial and Building Societies
(Amendment ) Act 1955 s 5(1). 54
Subs (4) amended as to special resolution by Industrial and Building Societies
(Amendment) Act 1955 s 7. 55
Subs (5) amended as to special resolution by Industrial and Building Societies
(Amendment) Act 1955 s 7. 56
Subs (6) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 57
Subs (7) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 58
Subs (3) amended as to special resolution by Industrial and Building Societies
(Amendment ) Act 1955 s 3(2). 59
Subs (4) amended by Building Societies Act 1986 s 5 and by SD25015/0090 as
amended by SD2015/0276. 60
Subs (1) amended by SD155/10 Sch 2 and by SD2015/0090 as amended by
SD2015/0276. 61
Subs (2) amended by SD155/10 Sch 2. 62
S 24A inserted by Companies, etc. (Amendment) Act 2003 s 31. Subs (3) amended by
SD155/10 Sch 2. 63
S 25 amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by SD155/10
Sch 2. 64
S 29 amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by SD155/10
Sch 2. 65
Para (a) amended by SD155/10 Sch 2. 66
Para (aa) inserted by Financial Services Act 2008 Sch 6. 67
Subs (1) amended by SD155/10 Sch 2. 68
S 32 substituted by Companies (Transfer of Functions) Act 2000 Sch 2. 69
Para 5 substituted by Industrial and Building Societies Act 1979 s 3. 70
Para 15 added by Industrial and Building Societies Act 1948 s 3. 71
Sch 3 amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 72
Sch 4 amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2.