Industrial and Provident Societies Act 1967 (repealed)

Part II S Borrowing by Societies Registered in Scotland

[F1 3 Application to registered societies of provisions relating to floating charges. S

(1) Subject to the following provisions of this section, the following provisions of the Companies Act 1985 relating to floating charges, namely Chapter I of Part XVIII together with sections 517(2) and 617(3) (which provisions are in this Part referred to as “the relevant provisions”) shall apply to a registered society as they apply to an incorporated company.

(2) Accordingly (subject as aforesaid) the relevant provisions shall, so far as applicable, apply as if—

(a) references to a company or an incorporated company were references to a registered society;

(b) references to the registrar and the registrar of companies were references to the [F2 Authority]; and

(c) references, however expressed, to registration of a floating charge, or registration in accordance with Chapter II of Part XII of the Act of 1985, or delivery to or receipt by the registrar of particulars for registration, were references to the delivery to the [F3 Authority] of any document required by section 4(1) of this Act to be so delivered.

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

(a) a floating charge created by the society under the relevant provisions as applied by this section, and

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

and any assets of the society are subject to both charges, sections 463(1)(c) and 464(4)(b) of the Act of 1985 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 relevant provisions and registered under that Act at the same time as it was registered under Part II of the Act of 1929.

(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 and Wales.

(5) In their application to a registered society, the relevant provisions shall have effect with the following modifications—

(a) in sections 462(2) and 517(2), the references to the Court of Session shall be read as references to any sheriff court;

(b) section 462(5) shall be subject only to such provisions of the Act of 1985 as apply (by virtue of section 55 of the principal Act) to registered societies; and

(c) in section 466, subsections (4) and (5) and the words “subsection (4) of” in subsection (6) shall be omitted.]

Textual Amendments

F1 S. 3 substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 26(1)(2)

F2 Word in s. 3(2)(b) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 241(a); S.I. 2001/3538, art. 2(1)

F3 Word in s. 3(2)(c) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 241(b); S.I. 2001/3538, art. 2(1)

4 Filing of information relating to charges. S

(1) In respect of every floating charge created by a registered society under [F4 the relevant provisions of the Companies Act 1985]as applied by section 3 above there shall be delivered by post or otherwise to the [F5 Authority], within the period of [F6 21] days beginning with the day of execution of the instrument creating the charge (or within any extended period allowed under subsection (2) of this section),—

(a) a copy of the instrument, authenticated [F7 in the manner directed by the Authority];

(b) a note, so authenticated, of such particulars relating to the charge [F8 as may be required by the Authority]; and

[F9 (c) 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;]

and if in the case of any such charge the said copy, note and fee are not delivered as aforesaid within the period limited by this subsection the charge shall be void against any person other than the society concerned.

(2) If in the case of any such charge it appears to the [F10 Authority], on the application of the society by whom the instrument creating the charge was executed or of any other person claiming the benefit of the instrument, that by reason of inadvertence or other sufficient cause—

(a) a duly authenticated copy of the instrument was not delivered to the [F5 Authority] within the period of [F6 21] days mentioned in subsection (1) of this section; or

(b) any matters were omitted from, or were mis-stated in, the note required under that subsection to be delivered to the [F5 Authority],

the [F11 [F10 Authority] may, on such terms as [F12 it] thinks fit, direct] that the said period shall be extended or, as the case may be, that the omission or mis-statement shall be rectified.

(3) Where any person delivers to the [F5 Authority] any document such as is mentioned in paragraph (a) or paragraph (b) of subsection (1) of this section, together with the fee mentioned in paragraph (c) of that subsection, it shall be the duty of the [F5 Authority] to secure—

(a) that there is issued to that person an acknowledgment [F13 bearing the Authority’s seal] stating the date on which, and the time at which, the delivery was effected;

(b) that the document delivered and a copy of the acknowledgment are placed on a file maintained by the [F5 Authority] in respect of the society concerned; 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 [F14 required by rules made in accordance with paragraph 17 of Schedule 1 to the Financial Services and Markets Act 2000.].

F15 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 26(4)

F5 Words in s. 4 substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 242(a); S.I. 2001/3538, art. 2(1)

F6 Word substituted by Companies (Floating Charges and Receivers) (Scotland) Act 1972 (c. 67), s. 10(iv)

F7 Words in s. 4(1)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(5)(a)

F8 Words in s. 4(1)(b) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(5)(b)

F9 S. 4(1)(c) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 242(b); S.I. 2001/3538, art. 2(1)

F10 Words in s. 4(2) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 242(c)(i); S.I. 2001/3538, art. 2(1)

F11 S. 4(2) words substituted (1.9.1996) by S.I. 1996/1738, arts. 1, 7(3)

F12 Word in s. 4(2) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 242(c)(ii); S.I. 2001/3538, art. 2(1)

F13 Words in s. 4(3)(a) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(6)

F14 Words in s. 4(3)(c) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 242(d); S.I. 2001/3538, art. 2(1)

F15 S. 4(4) repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 183(7)

Modifications etc. (not altering text)

C1 S. 4(1)(2)(a) continue in force as amended by Companies (Floating Charges and Receivers) (Scotland) Act 1972 (c. 67), s. 10(iv) by virtue of Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 26(3)

5 Supplemental provisions. S

(1) Without prejudice to the generality of the power [F16 to give directions] conferred by [F17 section 72] of the principal Act as applied by this Act, [F18 the Authority may, under that section] make provision for the giving of notice to the [F19 Authority] of—

(a) any release, discharge or other transaction relating to any charge created by an instrument a copy of which has been delivered to the [F19 Authority] in pursuance of the last foregoing section;

(b) any security granted by a registered society over any of its assets otherwise than under [F20 the relevent provisions of the Companies Act 1985]as applied by this Part of this Act;

and for the inclusion in the file mentioned in subsection (3)(b) of that section of any such notice.

(2) The Court of Session may by Act of Sederunt make rules prescribing the nature of the documents with which, in relation to any such charge as is mentioned in paragraph (a) of the foregoing subsection, the creditor may require to be furnished for identifying the assets affected by the charge and establishing the title of the society thereto.

Textual Amendments

F16 Words in s. 5(1) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(8)(a)

F17 Words in s. 5(1) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(8)(b)

F18 Words in s. 5(1) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 183(8)(c)

F19 Words in s. 5(1) substituted (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1), Sch. 3 Pt. III para. 243; S.I. 2001/3538, art. 2(1)

F20 Words substituted by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), s. 26(4)

6 Interpretation and application of Part II. S

F21 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) This Part of this Act extends to Scotland only.

Textual Amendments

F21 S. 6(1) repealed (1.12.2001) by S.I. 2001/2617, arts. 2, 13(1)(2), Sch. 3 Pt. III para. 244, Sch. 4; S.I. 2001/3538, art. 2(1)