Companies Consolidation (Consequential Provisions) Act 1985

26 Industrial and Provident Societies Act 1967

(1) The following provisions of this section have effect with regard to the [1967 c. 48.] Industrial and Provident Societies Act 1967 (of which certain provisions were amended by section 10 of the [1972 c. 67.] Companies (Floating Charges and Receivers) (Scotland) Act 1972).

(2) For section 3 of the Act of 1967 the following shall be substituted—

“3 Application to registered societies of provisions relating to floating charges.

(1) Subject to the following provisions of this section, the following provisions of the Companies Act 1985 relating to floating charges, namely Chapter I of Part XVIII together with sections 517(2) and 617(3) (which provisions are in this Part referred to as " the relevant provisions ") shall apply to a registered society as they apply to an incorporated company.

(2) Accordingly (subject as aforesaid) the relevant provisions shall, so far as applicable, apply as if—

(a) references to a company or an incorporated company were references to a registered society;

(b) references to the registrar and the registrar of companies were references to the registrar under this Act; and

(c) references, however expressed, to registration of a floating charge, or registration in accordance with Chapter II of Part XII of the Act of 1985, or delivery to or receipt by the registrar of particulars for registration, were references to the delivery to the registrar of any document required by section 4(1) of this Act to be so delivered.

(3) Where, in the case of a registered society, there are in existence—

(a) a floating charge created by the society under the relevant provisions as applied by this section, and

(b) an agricultural charge created by the society under Part II of the Agricultural Credits (Scotland) Act 1929,

and any assets of the society are subject to both charges, sections 463(1)(c) and 464(4)(b) of the Act of 1985 shall have effect for the purpose of determining the ranking with one another of those charges as if the agricultural charge were a floating charge created under the relevant provisions and registered under that Act at the same time as it was registered under Part II of the Act of 1929.

(4) In this section, and in the following provisions of this Part of this Act, " registered society " does not include a registered society whose registered office is situated in England and Wales.

(5) In their application to a registered society, the relevant provisions shall have effect with the following modifications—

(a) in sections 462(2) and 517(2), the references to the Court of Session shall be read as references to any sheriff court;

(b) section 462(5) shall be subject only to such provisions of the Act of 1985 as apply (by virtue of section 55 of the principal Act) to registered societies; and

(c) in section 466, subsections (4) and (5) and the words " subsection (4) of " in subsection (6) shall be omitted.”

(3) Subsections (1) and (2)(a) of section 4 of the Act of 1967 continue in force as amended by paragraph (iv) of section 10 of the [1972 c. 67.] Companies (Floating Charges and Receivers) (Scotland) Act 1972.

(4) In sections 4 and 5 of the Act of 1967, for the words " Part I of the Act of 1972 " there shall be substituted the words " the relevant provisions of the Companies Act 1985 ".