SUMMARY OF CONTENTS.

PAGE

TABLE OF CASES

INTRODUCTION.

The first co-operative society-Theory of co-operation

-its advantages-Early legislation on the subject

-Not sufficient privileges-New enactment giving

important privileges-Object of work

CHAPTER I.

FORMATION OF INDUSTRIAL SOCIETIES.

Prior to registration, society has no legal existence-

Preliminary proceedings-Expenses by whom paid-

Applicants for shares not liable-nor provisional com-

mittee-but the individual members of the manag-

ing committee are to a certain extent-Persons

giving orders liable to pay-Applicants for shares to

agree to pay expenses out of deposits-Proceedings

to obtain registration-Purposes for which society

may be formed-Framing the rules-Subjects to be

provided for-Form in appendix-Copies of rules

to be sent to registrar-who may advise thereon with

the secretary-Certificate of registration-its ef-

fects-Name of society-Rules should be printed-

Society may be registered under Companies Act-

mode of so doing-Old societies must re-register-

Certificate of registration vests trust property in the

society-Society bound to defray expenses of regis-

xi

1-6

7-17

CHAPTER II.

OF THE INCIDENTS OF THE EXISTENCE, AND THE MODE OF

CARRYING ON THE BUSINESS OF AN INDUSTRIAL AND PRO-

VIDENT SOCIETY.

Society to have registered office-penalty on default—

Register of members-Name must be published—

penalty on default-Officer offending liable to pe-

nalty-Example-Who may execute negotiable in-

struments-Exemption from stamp duties-Ex-

emption from income tax-Lists to be sent to spe-

cial commissioners-penalty on default-Members

to be at liberty to inspect books-Society may

change its name—
e-Consequences of incorporation-

Corporations aggregate-their constitution-Name

necessary-Common seal-Acts which do not re-

quire to be under the common seal-Trading corpo-

ration may be sued on an executed contract-Cor-

poration may make bye-laws-must always appear

by attorney-cannot undertake personal duties - Act

of the majority is the act of the whole-Power to

appoint officers-which may be delegated-Royal li-

cence in mortmain unnecessary-No words of limi-

tation necessary-Dissolution of corporations-Rules

must determine as to investment of capital-Books

should be accurately kept-Balance-sheet should be

laid before meeting-Purposes for which profits may

be applied-No annuity above 307. to be granted-

Rules as to payment of money on death of child—

Other objects - Officers

CHAPTER III.

PAGE

18-36

OF THE RIGHTS AND LIABILITIES OF THE MEMBERS.

Rights and liabilities of members defined by rules-

which are binding-Fines, &c. equal to specialty
debts-Settlement of disputes-Applications to be
made to county court, or in Scotland to the sheriff,
and in Ireland to the assistant barrister-Orders how

enforced-Operation of statutes-Provision in case

of fraud on the society-Mode of procedure in Eng-

land, Ireland, and Scotland-Penalty-Not ap-

plicable to unregistered societies-Interest of one

member not to exceed 2007.-Members may inspect

the books of the society-and are entitled to receive

copy of annual statement-Shares-Confirmation

of transfers-Member may appoint a nominee to re-

ceive his shares on his decease-Power of revoca-

tion and variation-Power to society to exclude any

nominee-Secretary must keep book in which to enter

all nominations-Rule as to liability of members of

societies registered under old acts, and unregistered

societies-Effect of act as regards creditors-Unre-

gistered society-Recovery of penalties

CHAPTER IV.

PAGE

37-47

ON THE DISSOLUTION AND WINDING UP OF REGISTERED

SOCIETIES.

How and when society may be wound up-Winding-up

Court-"Contributory"-Different modes of wind-

ing up-Circumstances under which society may be

wound up by the court-" Court"-Court has dis-

cretionary power-Commencement of proceedings-

Commencement of winding up-Provisional official

liquidator-Advertisement of petition - Summons,

how served-Hearing of petition-Winding-up or-

der-Dispositions of property void-Consequences

of winding-up order-Meetings of creditors and con-

tributories-Appointment of official liquidator-

Powers of official liquidator-Solicitor to official li-

quidators-Power of court to examine suspected

persons-Duties of official liquidators—Advertise-

ment for debts and claims-Proceedings to adjudi-

cation upon debts, &c.-List of contributories-Set-

tlement of list-Extent of liability of members-

Duration of liability-Informal or invalid transfers

Transfers of shares-by forfeiture-by transfer to

third parties--and by sale to the society-Repudia-

tion of shares-Contract to take shares-Court may

make calls-Power of court to order payment of

money or delivery of goods-Orders of court-Pro-

perty may be realized-Conclusion of winding up by

the court-When society may be wound up volun-

tarily-Definitions of special and extraordinary re-

solutions - Commencement of winding up-Court

may decide any question-Consequences of winding

up-Court may appoint or remove liquidator-Liqui-

dators may make compromises with creditors and

contributories-When business proposed to be trans-

ferred to another society-Termination of proceed-

ings-Costs-Rights of creditors saved-Winding

up subject to supervision-Court may have regard to

wishes of creditors, &c.- Powers of liquidators—

Miscellaneous points

APPENDIX.

PAGE

48-86

Form of rules, with notes

..

104-106

8 Vict. c. 16, "The Companies Clauses Consolidation

Act, 1845"

18 & 19 Vict. c. 63, "Friendly Societies Act, 1855" 106-112

21 & 22 Vict. c. 101, "Friendly Societies Act, 1858" 112-114

23 & 24 Vict. c. 58, "Friendly Societies Act, 1860” 114, 115

25 & 26 Vict. c. 87, "Industrial and Provident Socie-
ties Act, 1862"

115-121

121-154

25 & 26 Vict. c. 89, " Companies Act, 1862"

General orders, Chancery, Michaelmas Term, 1862.. 155-212

30 & 31 Vict. c. 117, "Industrial and Provident So-

cieties Act, 1867"

30 & 31 Vict. c. 131, "Companies Act, 1867

General orders, County Courts, 1867

Regulation as to remuneration of official liquidators

Form of annual statement for Registrar

Form of register of members

INDEX

213-220

221