INDUSTRIAL AND PROVIDENT SOCIETIES ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Societies which may be registered

   4   Conditions of registration

   5   Acknowledgment of registry

   6   Appeals from refusal to register

   6A   Appeals Tribunal

   7   Effect of acknowledgment of register

 

Cancelling and Suspension of Registry

   8   Cancelling and suspension of registry

 

Rules

   9   Rules and amendments

 

Duties of Registered Societies

   10   Registered office

   11   Publication of name

   12   Audit

   13   Annual returns

   13A   [Deleted by Act 33 of 2002 s 9.]

   13B   [Deleted by Act 33 of 2002 s 9.]

   13C   [Deleted by Act 33 of 2002 s 9.]

   13D   [Deleted by Act 33 of 2002 s 9.]

   13E   [Deleted by Act 33 of 2002 s 9.]

   14   Supply of copies of annual returns

   15   Copy of the last balance sheet

 

Inspection of Books

   16   Inspection of books by members

   17   Inspection of books by order of Registrar

 

Banking by Societies

   18   Conditions of banking business by societies

 

Returns and Documents

   19   Form and deposit of documents

 

Privileges of Societies

   20   Incorporation of society with limited liability

   21   Rules to bind members

   22   Remedies for debts from members

   23   Powers of nomination for sums not exceeding twenty per cent of the share capital of the registered society

   24   Proceedings on the death of a nominator

   25   Provisions for intestacy

   26   [Repealed by Act 25 of 2010 s 15.]

   27   Power to deal with the property of insane or lunatic members

   28   Payments to persons apparently entitled valid

   29   Transfer of stock standing in name of trustee

   30   Membership of minors

   31   Promissory notes and bills of exchange

   32   Register of members or shares

   33   Contracts, how made, varied or discharged

 

Property and Funds of Registered Societies

   34   Holding of land

   35   Investment by societies

   36   [Repealed by Act 25 of 2010 s 17.]

   37   Advances to members

   38   Societies, members of other bodies corporate may vote by proxy

   39   Any body corporate may hold shares in a society

 

Discharge of Mortgages by Receipt Endorsed

   40   Discharge of mortgages by receipt endorsed

   41   Receipt in case of society in liquidation

 

Officers in Receipt or Charge of Money

   42   Security by officers

   43   Accounts of officers

 

Disputes

   44   Decision of disputes

 

Inspection of Affairs

   45   Power to appoint Inspectors

 

Change of Name; Amalgamation; Conversion of Society
into Company

Dissolution of Societies

   46   Meaning of special resolution

   47   Power to change name

   48   Amalgamation and transfer of engagements

   49   Conversion of society into a company

   50   Conversion of company into society

   51   Registration of special resolutions

   52   Saving for rights of creditors

   53   Provisions as to dissolution of societies

   54   Liability of members in winding up

   55   Provisions as to instrument of dissolution

   55A   Schemes of arrangement

 

Offences, Penalties and Legal Proceedings

   56   Offences by societies

   57   Offences by societies to be also offences by officers, etc

   58   Punishment of fraud or misappropriation

   59   Penalty for falsification

   60   Penalty for not using name of society

   61   Delivery of untrue rules

   62   Penalty for ordinary offences

   63   Recovery of penalties

 

Supplemental

   64   Evidence of documents

   64A   Amendment of fines and penalties by order

   65   Scale of fees

   66   Restriction on use of title "People's Co-operative Bank"

      SCHEDULES

 

THE INDUSTRIAL AND PROVIDENT SOCIETIES ACT

[Date of Commencement: 1st August, 1903]

Cap 159.

Acts
33 of 1975,
36 of 1976,
1 of 1979,
28 of 1995,
38 of 1997,
33 of 2002,
25 of 2010.

LN 138/1985.

1   Short title

   This Act may be cited as the Industrial and Provident Societies Act.

2   Interpretation

   In this Act-

[33/1975 s 2.]

   "amendment of rule" includes a new rule, and a resolution rescinding a rule;

   "the committee" means the governing body of a registered society to whom the management of its affairs is entrusted;

[25/2010 s 2.]

   "the Companies Act" means the Act in force for the incorporation and regulation of trading companies and other associations;

   "Deputy Keeper of the Records" shall, where the circumstances require, include the Registrar of Titles, and "recording" shall include registration under the Registration of Titles Act.

   "land" means hereditaments and chattels real;

   "meeting" includes (where the rules of a society so allow) a meeting of officers appointed by members;

   "office" means the registered office for the time being of a society;

   "officer" extends to any treasurer, secretary, member of the committee, manager or servant, other than a servant appointed by the committee, of a society;

   "persons claiming through a member'' includes the heirs, executors, or administrators and assigns of a member, and also his nominees where nomination is allowed;

   "property" includes real and personal estate (including books and papers);

   "the Registrar" means the Registrar of Co-operatives appointed under the Co-operatives Societies Act;

[25/2010 s 2.]

   "registered society" means a society registered under this Act;

   "rules" means the registered rules for the time being, and shall include any registered amendment of rules;

   "Tribunal" means the Appeals Tribunal established under section 6A.

[25/2010 s 2.]

3   Societies which may be registered

   A society which may be registered under this Act (herein called an Industrial and Provident Society) is a society for carrying on any industries, businesses, or trades specified in or authorised by its rules, whether wholesale or retail, and including dealings of any description in land:

   Provided that-

   (a)   no member other than a registered society shall have or claim any interest in the shares of the society exceeding twenty per cent of the society's share capital; and

[25/2010 s 3.]

   (b)   in regard to the business of banking, the society shall be subject to the provisions hereinafter contained.

4   Conditions of registration

   With respect to the registry of societies the following provisions shall have effect-

   (a)   no society can be registered under this Act which does not consist of seven persons at least;

   (b)   for the purpose of registry an application to register the society, signed by seven members including the secretary, and two printed copies of the rules shall be sent to the Registrar;

[25/2010 s 4.]

   (c)   no society shall be registered under a name identical with that under which any other existing society is registered, or so nearly resembling such name as to be likely, or under any name likely, in the opinion of the Registrar, to mislead the members or the public as to its identity, and no society shall change its name except in the manner hereinafter provided;

   (d)   no society shall be registered where, in the opinion of the Registrar-

         (i)   the conditions, including the issue of shares and the payment of penalties or fines where the shareholder is in arrears in payment of such shares, on which it lends money are excessive; or

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