INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 6



6.(1) Where a society is, or is to be, registered under this Act, no member
thereof other than

(a)a registered society; or

(b)an authority which acquired the holding by virtue of section 14(2) of the
Housing (Ireland) Act 1919;

(2) Where in the case of a society to which section 4 applies

(a)immediately before 9th January 1953 the rules of the society provided for
the maximum amount of the interest in the shares of the society permitted to
be held by a member (other than a registered society) to be two hundred
pounds; and

(b)no amendment of the rules of the society has been registered since that
date; and

(c)on or after that date and before 12th April 1963 the society's committee
has by a resolution recorded in writing resolved that the said maximum amount
shall be a specified amount greater than two hundred pounds but not greater
than five hundred pounds,

(3) Where in the case of a society to which section 4 applies

(a)immediately before 12th April 1963 the rules of the society provided for
the maximum amount aforesaid to be five hundred pounds; and

(b)no amendment of the society's rules has been registered since that date;
and

(c)on or after that date and before 12th October 1964 the society's committee
has by a resolution recorded in writing resolved that the said maximum amount
shall be a specified amount greater than five hundred pounds but not greater
than one thousand pounds,

(4) Where subsection (2) or (3) applies to any society, the society's
committee shall not have power to vary or revoke the resolution referred to in
that subsection; but upon the registration after the passing of this Act under
section 9 of any amendment of the society's rules the registered rules of the
society shall have effect as if the 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 of that registration.

Carrying on of banking by societies.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 6