Industrial and Provident Societies Act 1967

3 Application to registered societies of Companies (Floating Charges) (Scotland) Act 1961

(1) Subject to the following provisions of this section, the [1961 c. 46.] Companies (Floating Charges) (Scotland) Act 1961 (hereinafter in this Act referred to as " the Act of 1961 ") shall apply to a registered society as it applies to an incorporated company; and accordingly (subject as aforesaid) any reference in that Act (except in section 8(1)(b) thereof) to an incorporated company shall be construed as including a reference to a registered society.

(2) In its application to a registered society the Act of 1961 shall be construed subject to the modifications set out in the Schedule to this Act.

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

(a) a floating charge created by the society under the Act of 1961 as applied by this section, and

(b) an agricultural charge created by the society under Part II of the [1929 c. 13.] Agricultural Credits (Scotland) Act 1929,

and any assets of the society are subject to both charges, sections 1(2)(c) and 5(3) of the Act of 1961 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 Act of 1961 and registered under that Act at the same time as it was registered under the said Part II.

(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 or Wales.