Maintaining a society
Amendments to registered rules
Section 7 of the Industrial and Provident Societies Act 1908 (the 'Act')
Section 7 and the Second Schedule to the Act state that the rules must provide for their amendment. No amendment is valid until registration which requires one copy, signed by three members and the secretary.
There is no fee to register an amendment.
The Registrar, if satisfied that the amendments comply with the Act, then issues an acknowledgment of registry. This takes the form numbered 2 in the Fourth Schedule to the Act and is conclusive evidence that the amendments have been duly registered.
Obligations
Section 8 of the Act
Every industrial and provident society:
- Must have a registered office and notify the Registrar of any change. Additionally, the name of the society has to be noted on the outside of its office or place or places of business.
- Must keep a copy of its last statement of financial position for the time being, together with the report of the auditors or, if it is an issuer within the meaning of section 4 of the Financial Reporting Act 1993, a copy of the last financial statements prepared under that Act and a copy of the auditor's report on those statements, always hung up in a conspicuous place at its registered office.
- Must keep its records available for inspection by its members.
Annual return (financial statement) – preparation and filing
Section 8 of the Act
Annual return is the term used to describe an society’s annual financial statement. This has to set out the receipts, expenditure, funds and assets of the industrial and provident society as at a date of annual balance and be audited. Expenditure has to be allocated against each of the society’s objects.
A copy is filed with the Registrar of Industrial and Provident Societies under section 8 of the Act within three months of that date.
Where a society is an issuer under section 4 of the Financial Reporting Act 1993, that Act prevails and the annual return has to be prepared within five months of that date and filed within twenty working days of when it is required to be signed – generally the last day of the five-month period or the date of the annual meeting, whichever is the earlier.
As noted above, a copy of the annual return has to be displayed in the society’s office or place or places of business.
Special features
Sections 14, 14A and 14(b) of the Act
An industrial and provident society may by special resolution:
- Change its name;
- Amalgamate with any other registered society or societies;
- Transfer its engagements to any other registered society or societies; or
- Amalgamate with or transfer its engagements to a company under the Companies Act 1993.
A special resolution will not be valid until a copy signed by the chairperson of the authorising meeting and the secretary has been delivered to the Registrar of Industrial and Provident Societies for registration.
Amalgamation, a transfer of engagements or registration as a company results in cancellation of the industrial and provident society’s registration under section 14(b).
A company under the Companies Act 1993 may register as an industrial and provident society under section 2 of the Industrial and Provident Societies Amendment Act 1919.
