Industrial and Building Societies Act 1979

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1979/1979-0016/IndustrialandBuildingSocietiesAct1979_1.pdf
Published: 2012-09-01

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Industrial and Building Societies Act 1979

c i e
AT 16 of 1979

INDUSTRIAL AND BUILDING SOCIETIES

ACT 1979

Industrial and Building Societies Act 1979 Index


c AT 16 of 1979 Page 3

c i e
INDUSTRIAL AND BUILDING SOCIETIES ACT 1979

Index Section Page

1 Raising of limit on share of any one member ............................................................. 5
2 Further alterations of limit ............................................................................................ 6
3 [Amends Schedule 1 to the Industrial and Building Societies Act 1892.] .................... 6
4 Amendments ................................................................................................................... 6
5 Interpretation ................................................................................................................... 6
6 [Repealed] ........................................................................................................................ 6
7 Short title and construction ........................................................................................... 6
SCHEDULE 7

ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Industrial and Building Societies Act 1979 Section 1


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c i e
INDUSTRIAL AND BUILDING SOCIETIES ACT 1979

Received Royal Assent: 23 May 1979
Passed: 10 July 1979
Commenced: 10 July 1979
AN ACT
to make further provision in relation to industrial and building
societies, and for connected purposes.
1 Raising of limit on share of any one member

[P1975/41/1(2)-(5)]
(1) Where, immediately before the coming into force of this Act, the
registered rules of an industrial and provident society registered under
the Act of 1892 determined the amount of interest in the shares of the
society which members (other than registered societies) may hold, the
committee may, by a resolution recorded in writing, resolve that
members may be permitted to hold such greater amount, not exceeding
£5,000, as may be specified in the resolution, and the registered rules
shall have effect accordingly.
(2) The power conferred on the committees of registered societies by
subsection (1) shall not be exercisable after the expiration of the period of
eighteen months beginning with the date on which this Act comes into
force or after the coming into force of an order under section 2; and, if
any amendment of the rules of a society is made after the coming into
force of this Act and before the expiration of the time allowed by this
subsection for exercising that power, the power shall cease to be
exercisable by the committee of that society on the date on which the
amendment is registered under section 14 of the Act of 1892.
(3) The committee of a registered society shall not have power to vary or
revoke a resolution under subsection (1) except in so far as it may be
authorised to do so by an order under section 2.
(4) Where the committee of a registered society has exercised the power to
pass a resolution under subsection (1) and an amendment of the society’s
rules is subsequently registered under section 14 of the Act of 1892, the
registered rules of the society shall thereupon have effect as if the
Section 2 Industrial and Building Societies Act 1979


Page 6 AT 16 of 1979 c

resolution had not been passed, so, however, that this subsection shall
not affect any interest in the shares of the society held by a member
immediately before the date on which the amendment is registered.
2 Further alterations of limit

[P1975/41/2]
(1) The Treasury may from time to time by order substitute for the sum for
the time being specified in section 1(1) as the limit applicable thereunder
such other sum, not being less than £5,000, as may be specified in the
order.1

(2) An order under this section may make any such provision in connection
with altering the limit for the time being applicable under subsection (1)
of section 1 as is made by that section, and may contain such other
transitional, consequential, incidental or supplementary provisions as
appear to the Treasury to be necessary or appropriate in that connection.2

(3) An order under this section shall not have effect until it has been
approved by Tynwald.
3 [Amends Schedule 1 to the Industrial and Building Societies Act 1892.]

4 Amendments

(1) [Amends section 6 of the Industrial and Building Societies Act 1892.]
(2) [Amends section 2 of the Industrial and Building Societies Act 1963.]
(3) [Repeals Schedule 2 to the Banking Act 1975 in so far as it relates to the
exemption of building societies from the provisions of section 7 of that
Act.]
5 Interpretation

In this Act —
“The Act of 1892
” means the Industrial and Building Societies Act 1892;
“The Act of 1963
” means the Industrial and Building Societies Act 1963.
6 [Repealed]
3

7 Short title and construction

This Act may be cited as the Industrial and Building Societies Act 1979 and shall
be construed as one with the Industrial and Building Societies Acts 1892 to 1963,
and those Acts and this Act may be cited together as the Industrial and Building
Societies Acts 1892 to 1979.
Industrial and Building Societies Act 1979 Schedule



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Schedule
4

Industrial and Building Societies Act 1979 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) amended by Treasury Act 1985 Sch 2. 2
Subs (2) amended by Treasury Act 1985 Sch 2. 3
S 6 repealed by Statute Law Revision Act 1983 Sch 2. 4
Sch repealed by Statute Law Revision Act 1983 Sch 2.