Industrial and Provident Societies Act 1967 (repealed)

Part I E+W Borrowing by Societies Registered in England and Wales

1 Charges on assets of English and Welsh societies. E+W

(1) An instrument which is executed after the commencement of this Act by a registered society whose registered office is in England or Wales and which creates or is evidence of a fixed or floating charge on assets of the society shall not be a bill of sale for the purposes of the M1 Bills of Sale Acts 1878 and M2 1882 or be invalidated by those Acts if an application for the recording of the charge is made in accordance with subsection (2) of this section.

(2) An application for the recording of a charge in pursuance of the foregoing subsection shall be made by delivering by post or otherwise to the [F1 Authority], within the period of [F2 twenty-one days] beginning with the date of execution of the instrument which creates or is evidence of the charge or within any extended period allowed under subsection (5) of this section,—

(a) a copy of the instrument authenticated [F3 in the manner directed by the Authority] and such additional particulars relating to the charge and so authenticated [F3 as may be required by the Authority]; and

[F4 (b) such fee as may be required by rules made in accordance with paragraph 17 of Schedule 1 to the Financial Services and Markets Act 2000.]

(3) It shall be the duty of the [F5 Authority] to secure—

(a) that an acknowledgment [F6 bearing the Authority’s seal] of every application made for the purposes of this section is issued to the person by whom the application was made; and

(b) that the copy of the instrument included in such an application, a note of any F7 . . . particulars so included and a copy of the acknowledgment of the application issued in pursuance of the foregoing paragraph are placed on a file maintained by the [F1 Authority] in respect of the society by whom the instrument was executed; and

(c) that the file is available for inspection during office hours by members of the public on payment of such fee as may be [F8 required] as aforesaid;

F9 . . ..

(4) Without prejudice to the generality of the power [F10 to give directions] conferred by [F11 section 72] of the principal Act as applied by this Act, [F12 the Authority may, under that section] make provision for the giving of notice to the [F1 Authority] of any release, discharge or other transaction relating to any charge in respect of which an application has been made for the purposes of this section and for the inclusion in the file mentioned in subsection (3) of this section of any such notice appearing to the [F5 Authority] to relate to the charge.

(5) If in the case of such an instrument as is mentioned in subsection (1) of this section it appears to the [F5 Authority], on the application of the society by whom the instrument was executed or of any other person claiming the benefit of the instrument, that by reason of inadvertence or other sufficient cause—

(a) an application for the recording of the charge to which the instrument relates was not made within the period of [F13 twenty-one days] mentioned in subsection (2) of this section; or

(b) any matters were omitted from or were mis-stated in such an application,

the [F13 [F5 Authority] may, on such terms as [F14 it] thinks fit, direct] that the period for making such an application shall be extended or, as the case may be, that the omission or mis-statement shall be rectified.

Textual Amendments

F1 Words in s. 1 substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 240(a); S.I. 2001/3538, art. 2(1)

F2 S. 1(2) words substituted (1.9.1996) by S.I. 1996/1738, arts. 1, 7(2)(a)

F3 Words in s. 1(2)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(2)

F4 S. 1(2)(b) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 240(c); S.I. 2001/3538, art. 2(1)

F5 Words in s. 1 substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 240(b); S.I. 2001/3538, art. 2(1)

F6 Words in s. 1(3)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(3)(a)

F7 Word in s. 1(3)(b) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 183(3)(b)

F8 Word in s. 1(3)(c) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 240(d); S.I. 2001/3538, art. 2(1)

F9 Words in s. 1(3) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 183(3)(c)

F10 Words in s. 1(4) substituted (1.12.2001) by S.I.2001/3649, arts. 1, 183(4)(a)

F11 Words in s. 1(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(4)(b)

F12 Words in s. 1(4) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(4)(c)

F13 S. 1(5) words substituted (1.9.1996) by S.I. 1996/1738, arts. 1, 7(2)(b)

F14 Word in s. 1(5) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 240(e); S.I. 2001/3538, art. 2(1)

Marginal Citations

M1 1878 c. 31.

M2 1882 c. 43.

2 Application of Part I. E+W

(1) This Part of this Act does not extend to Scotland.

(2) Nothing in this Part of this Act shall apply to a debenture registered under section 14 of the M3 Agricultural Credits Act 1928 (which provides for the registration of debentures of registered societies creating floating charges in favour of banks).

Marginal Citations

M3 1928 c. 43.