Industrial and Provident Societies Act 1965 (repealed)

58 Instrument of dissolution. E+W+S

(1) The following provisions of this section shall have effect where a society is to be dissolved by an instrument of dissolution under [F1 section 55(1)(b)] of this Act.

(2) The instrument of dissolution shall set forth—

(a) the liabilities and assets of the society in detail;

(b) the number of the members and the nature of their respective interests in the society;

(c) the claims of creditors, if any, and the provision to be made for their payment; and

(d) unless stated in the instrument of dissolution to be left to the award of [F2 the Authority], the intended appropriation or division of the funds and property of the society.

(3) Alterations in the instrument of dissolution may be made by the consent of not less than three-fourths of the members of the society testified by their signatures to the alteration.

(4) The instrument of dissolution shall be sent to [F3 the Authority] accompanied by a statutory declaration made by three members and the secretary of the society that all relevant provisions of this Act have been complied with; and any person knowingly making a false or fraudulent declaration in the matter shall be guilty of a misdemeanour or, in Scotland, an offence.

(5) The instrument of dissolution and any alterations thereto shall be registered in like manner as an amendment of the rules of the society and shall be binding upon all the members of the society, but shall not be so registered until [F3 the Authority] has received such a final return from the society as is referred to in section 39(4) of this Act.

(6) [F3 the Authority] shall cause notice of the dissolution to be advertised F4 . . . in the Gazette and in some newspaper circulating in or about the locality in which the society’s registered office is situated; and unless—

(a) within three months from the date of the Gazette in which that advertisement appears a member or other person interested in or having any claim on the funds of the society commences in the county court, or in Scotland before the sheriff, having jurisdiction in that locality proceedings to set aside the dissolution of the society; and

(b) that dissolution is set aside accordingly,

then, subject to subsection (7) of this section, the society shall be legally dissolved from the date of the advertisement and the requisite consents to the instrument of dissolution shall be deemed to have been duly obtained without proof of the signatures thereto.

(7) If the certificate referred to in section 59 of this Act has not been lodged with the [F3 the Authority] by the date of the advertisement referred to in subsection (6) of this section, the society shall be legally dissolved only from the date when that certificate is so lodged.

(8) Notice of any proceedings to set aside the dissolution of a society shall be sent to [F3 the Authority] by the person taking those proceedings not later than seven days after they are commenced or not later than the expiration of the period of three months referred to subsection (6) of this section, whichever is the earlier; and notice of any order setting the dissolution aside shall be sent by the society to [F3 the Authority] within seven days after the making of the order.

(9) In the application of this section to a society which for the time being consists solely of two registered societies, the reference in subsection (4) thereof to three members shall be construed as a reference to both members.

Textual Amendments

F1 Words in s. 58(1) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 14(10) (with art. 10)

F2 Words in s. 58(2)(d) substituted (1.12.2001 subject to a saving by S.I. 2001/2617, art. 13(3), Sch. 5 para. 2(d)) by S.I. 2001/2617, art. 13(1), Sch. 3 Pt. III para. 215(iii)

F3 Words in s. 58 substituted (1.12.2001) by S.I. 2001/3617, arts. 2(b), 13(1), Sch. 3 Pt. III para. 215 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2(1)

F4 Words in s. 58(6) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 180

Modifications etc. (not altering text)

C1 S. 58(5)(6) applied (S.) (1.11.2001) by 200 asp 10, s. 63, Sch. 7 para. 9(5)(a)(b); S.S.I. 2001/336, art. 2(3), Sch. Pt. II

C2 S. 58(5), (6) restricted by Housing Associations Act 1985 (c. 69, SIF 61), s. 21(5)