S.I. No. 254/1979 - Industrial and Provident Societies (Financial Limit) Regulations, 1979.

1. These Regulations may be cited as the Industrial and Provident Societies (Financial Limit) Regulations, 1979, and shall come into operation on the 20th day of July, 1979.

2. In these Regulations—

"deposit-holding society" means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, which was incorporated before the 4th day of October, 1978 and had accepted and held deposits which on that date exceeded £25,000;

"agricultural co-operative society" means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, the business of which is wholly or substantially agricultural and the majority of the members of which are mainly engaged in farming and derive the principal part of their livelihood from farming, and in which the acceptance of deposits and the making of loans constitute an insubstantial part of the business of or are incidental to, or are intended to assist the carrying on or the development of, the society's principal business.

3. (

a

) Section 4 (

a

) of the Industrial and Provident Societies Act, 1893 (as amended by the

Credit Union Act, 1966

(No. 19 of 1966), and the Industrial and Provident Societies (Financial Limits) Regulations, 1978 (

S.I. No. 124 of 1978

)) is hereby amended in the manner specified in column (1) of the Schedule to these Regulations.

(

b

) Each amendment specified in column (1) of the Schedule to these Regulations shall apply only in respect of the class of society specified in column (2) of that Schedule opposite the specification of that amendment in column (1).

SCHEDULE

Alteration of financial limit prescribed by Section 4 (

a

) of the Industrial and Provident Societies Act, 1893 (as amended by the Industrial and Provident Societies (Financial Limits) Regulations, 1978).

Amendment

Class of society to which

amendment applies.

The substitution of "£250,000"

for £3,000".

Deposit-holding societies.

The substitution of "£ 10,000"

for "£3,000".

Agricultural co-operative

societies.

GIVEN under my Official Seal, this 20th day of July, 1979.

DESMOND O'MALLEY,

Minister for Industry, Commerce

and Energy.

EXPLANATORY NOTE.

These Regulations increase the maximum level of shareholding which a person may hold in an agricultural co-operative or a deposit-holding society.

S.I. No. 254 of 1979.

INDUSTRIAL AND PROVIDENT SOCIETIES (FINANCIAL LIMIT) REGULATIONS, 1979.

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

section 33

(1) of the

Industrial and Provident Societies (Amendment) Act, 1978

(No. 23 of 1978), hereby make the following Regulations