Explanatory Note
(This note is not part of the Order)
This Order increases from £10,000 to £20,000 the limit on the interest which any one member may hold in the shares of a society registered under the Industrial and Provident Societies Act 1965. It further empowers the committee of a society, subject to certain conditions, to give effect to the increase by resolution recorded in writing. If the rules happen to be amended subsequently and do not make reference to the increased limit resolved on by the committee of the society the shareholding limit reverts to that in the rules as previously registered. Where an amendment makes provision as to the limit, on registration of the amendment the limit is the limit so provided.
A review of the cost of compliance with this Order has been undertaken and the resulting compliance cost assessment may be purchased from the Registry of Friendly Societies, 15 Great Marlborough Street, London W1V 2AX.
Registry of Friendly Societies
15 Great Marlborough Street
LONDON
W1V 2AX
8th February 1994