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Co-operative and Community Benefit Societies Act 2014

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This is the original version (as it was originally enacted).

Maximum deposits: effect of resolution on rules of societies registered before 27 April 1952

7(1)This paragraph applies to a registered society that was registered under the 1893 Act before 27 April 1952 (“the relevant date”) if—

(a)the society’s rules permit the taking of deposits up to, but not exceeding, 10 shillings in any one payment and £20 for any one depositor,

(b)no amendment of its rules has been registered since the relevant date, and

(c)the society’s committee has since the relevant date resolved, by a resolution recorded in writing, that for the limits of 10 shillings and £20 there are to be substituted specified higher limits not exceeding £2 and £50 respectively.

(2)The society’s registered rules have effect subject to the resolution.

(3)The society’s committee may not vary or revoke the resolution.

(4)But if any amendment of the society’s rules is registered, the rules have effect as if the resolution had not been passed.

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