SCHEDULES
SCHEDULE 3

Provision for certain pre-commencement societies

Maximum deposits: effect on certain resolutions on society's rules
8
1
This paragraph applies to a resolution of a society's committee that, immediately before this Act comes into force, has effect by virtue of any of the following—
- section 1(2) or (3) of the 1978 Act,
- article 4(1) or (2) of the Industrial and Provident Societies (Increase in Deposit-taking Limits) Order 1981 (SI 1981/394).
(The effect of such a resolution is to increase the limit on deposits, contained in a society's rules.)
2
The society's rules continue to 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.