DIGEST OF THE INDUSTRIAL AND PROVIDENT SOCIETIES ACT, OF 1876. (39 & 40 VICT. c. 45.) ACKNOWLEDGMENT OF REGISTRY. See CERTIFICATE, EVIDENCE. ACT Consolidates and amends the law relating to Industrial and Provident Societies. See Preamble to Act Short title of Act is "The Industrial and Provident Societies Act, 1876"-s. 1. Date of operation of, is 11th August, 1876. Extent of-see s. 2. Definition of terms in-see s. 3. ACTS REPEALED. Repeal of Acts is not to affect past operation of them—s. 4. ADMINISTRATION. 1.-Sums not exceeding £50 are payable or transferable at death without administration, if members die Intestate and without Nominees-s. 11 (6). 2.-Payments made after the decease of any member to persons apparently entitled are valid-s. 11 (7). B ADMISSION. Terms of admission of members (including societies, or companies) must be provided for by rules of society-Sched. II. (2). ADVANCES. Rules of society may provide for the Advancing of money by the society to members on the security of real or personal property-s. 12 (2). ALTERATION OF RULES. See RULES AND AMENDMENTS; see, also, CERTIFicate. AMALGAMATION. See TRANSFER OF ENGAGEMENTS. Any two or more societies may, by special resolution of both or all such societies, become Amalgamated together as one society, with or without any dissolution or division of the funds of such societies or either of them-s. 16 (3), (5). So also a society may, by special resolution, determine to Amalgamate with any company under the Companies Acts, in which case its registry under the Industrial and Provident Societies Act becomes void-s. 16 (4), (5), (8). See RETURNS. ANNUAL RETURNS. APPEAL From refusal by Registrar to register a society or rules may be made to the Court-s. 7 (8). So also from cancelling or suspension of registry of societys. 8 (4). And from refusal to amend rules of society-s. 9 (3). Appeals in England, Ireland, or Scotland, how and where to be made-s. 19 (6), (7). AUDIT. 1.-Every society shall have an annual audit of its accounts s. 10 (1c). 2.-Copies of report of auditors and annual balance-sheet are to be hung up in the society's office, and must be sent to the Registrar s. 10 (ld. g). 3.-Provision for annual Audit must be set forth in rules of society-Sched. II. (8). 4.-Public Auditors may be appointed and their rates of remuneration may be determined by Treasury, but the employment of such Auditors is not compulsory on any society-s. 21. See RETURNS. BALANCE SHEET. BANKING. It is provided by section 6, that societies may be registered for the purpose of carrying on the business of Banking, subject, however, to the provisions contained in the Act, which are as follows: (i.) No society which has any withdrawable share capital shall carry on the business of Banking-s. 10 (2a). (ii.) A statement in the form given in the 3rd schedule to the Act must be made out half-yearly, and kept conspicuously hung up in the office of a society doing Banking businesss. 10 (2b). (iii.) Non-compliance with these provisions is an offences. 10 (3d). (iv.) It is, however, enacted that the taking of Deposits not exceeding 5s. in one payment, nor £20 for one depositor, payable on not less than two clear days' notice, is not included in the business of Banking, within the meaning of the Acts. 10 (2c). BANKRUPT MEMBERS. Provision for the claims of executors or administrators of, or trustees of property of, must be set forth in rules of societies -Sched. II. (9). BILLS OF EXCHANGE. See PROMISSORY NOTES. BOND. Forms of Bond to be executed by Officers giving security will be found in Sched. III. BOOKS. Every society is to allow its members, and any person having an interest in the funds, to inspect its books-s. 10 (le). See DEPOSITS. BORROWING OF MONEY. By schedule II. (6), every society is required to determine, by its rules, whether it may "contract loans" (i.e. borrow money), or receive money on deposit, subject to the provisions of section 10 (2), from members or others; and, if so, under what conditions, on what security, and to what limits of [The money lent to the society may be either at a fixed rate of interest, or in consideration of a share of the society's profits, respecting which see "The Partnership Amendment Act, 1865," in Part III. hereto.] amount. BUSINESS. As to societies doing business in more than one country-see s. 7 (6). See, also, OBJECTS. CANCELLING OF REGISTRY. See REGISTRY OF SOCIETIES. See INVESTMENTS. CAPITAL, CERTIFICATE. (Now termed Acknowledgment of Registry.) 1.-The Registrar may refuse his Certificate if the Alterations appear, on the face of them, not to have been duly made: as where the officers of a society (the St. Patrick's United Assurance Sick and Burial Society) established at Liverpool called a meeting for altering the rules in Manchester. The Queen v. John Tidd Pratt, Esq., 1865; 6 B. & S. 672. But |