S.I. No. 124/1978 - Industrial and Provident Societies (Financial Limits) Regulations, 1978.

1. These Regulations may be cited as the Industrial and Provident Societies (Financial Limits) Regulations, 1978, and shall come into operation on the 28th day of April, 1978.

2. Each section of the Industrial and Provident Societies Act, 1893, mentioned at a reference number in column (1) of the Schedule to these Regulations is hereby amended in the manner specified in column (2) of that Schedule opposite the mention of that section in column (1).

SCHEDULE.

Alteration of financial limits prescribed by Industrial and Provident Societies Act, 1893.

(1)

(2)

Section of Industrial and Provident Societies Act, 1893.

Amendment

Section 4

The substitution in paragraph (a) of "£3,000" for "one thousand pounds" (inserted by the

Credit Union Act, 1966

).

Section 25 (inserted by the Industrial and Provident Societies (Amendment) Act, 1913)

The substitution in subsections (1) and (3) of "£3,000" for "one thousand pounds" (inserted by the

Credit Union Act, 1966

) in each place where it occurs.

Section 26 (inserted by the Industrial and Provident Societies (Amendment) Act, 1913)

The substitution in subsection (1) of "£3,000" for "one thousand pounds" (inserted by the

Credit Union Act, 1966

).

Section 27

The substitution in subsection (1) of "£1,500" for "five hundred pounds" (inserted by the

Credit Union Act, 1966

).

GIVEN under my Official Seal, this 26th day of April, 1978.

DESMOND O'MALLEY.

Minister for Industry, Commerce and Energy.

EXPLANATORY NOTE.

These Regulations increase certain financial limits which apply to Industrial and Provident Societies. The limits concerned control (a) the amount a person (other than another Society) may invest in shares in a society (b) the amount of property in a Society which a member may nominate and the sum distributable to any nominee, and (c) the amount a Society's Committee may distribute (without letters of administration) when a member dies intestate.

S.I. No. 124 of 1978.

INDUSTRIAL AND PROVIDENT SOCIETIES (FINANCIAL LIMITS) REGULATIONS, 1978.

I, DESMOND O'MALLEY, Minister for Industry, Commerce and Energy, in exercise of the power conferred on me by section 35 (1) (i) of the

Credit Union Act, 1966

(No. 19 of 1966), and the Industry and Commerce (Alteration of Name of Department and Title of Minister) Order, 1977 (

S.I. No. 306 of 1977

), and after consultation with the Credit Union Advisory Committee, hereby make the following Regulations