Trading Stamps Act 1964

1 Restrictions on persons who may carry on business as promoters of trading stamp schemes

(1) No person other than a company or an industrial and provident society shall carry on business as the promoter of a trading stamp scheme.

(2) If and so long as a private company carries on business as the promoter of a trading stamp scheme, the company shall be deemed not to be a private company for the purposes of the following provisions of the Companies Act 1948, that is to say—

(a) section 129 (exemption from requirements of section 127 as to documents to be annexed to annual return);

(b) section 143(1) (duty to forward to registrar copies of certain resolutions and agreements);

(c) section 161(1) and (2) (qualification of auditors);

(d) section 190(1) (prohibition of loans to directors).

(3) If a person carries on business in contravention of subsection (1) of this section he shall be liable—

(a) on conviction on indictment to a fine of any amount, and

(b) on summary conviction to a fine not exceeding one hundred pounds.

(4) In this and the next following section—

• " company " means a company formed and registered under the Companies Act 1948 or an existing company within the meaning of that Act, and " private company " has the same meaning as in that Act;

• " industrial and provident society " means a society registered under the Industrial and Provident Societies Act 1893.