S.I. No. 338/1983:

INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT, 1978 (SECTION 5 (3)) REGULATIONS, 1983.

INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT, 1978 (SECTION 5 (3)) REGULATIONS, 1983.

I, FRANK CLUSKEY, Minister for Trade, Commerce and Tourism in exercise of the powers conferred on me by section 5 (3) of the Industrial and Provident Societies (Amendment) Act, 1978 (No. 23 of 1978), and the Industry, Commerce and Tourism (Alteration of Name of Department and Title of Minister) Order, 1981 ( S.I. No. 290 of 1981 ), after consultation with the Central Bank of Ireland, hereby make the following regulations:

1. These Regulations may be cited as the Industrial and Provident Societies (Amendment) Act, 1978 (Section 5 (3)) Regulations, 1983, and shall come into operation on the 14th day of November, 1983.

2. In these Regulations--

"the Act of 1978" means the Industrial and Provident Societies (Amendment) Act, 1978 ;

"the Court" means the High Court;

"society" means a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, and to which, by virtue of sections 4 and 9 of the Act of 1978, sections 10 to 18 of that Act apply.

3. (1) This Regulation applies to a society the membership of which consists wholly of credit unions.

(2) The period referred to in section 5 (2) of the Act of 1978 is hereby extended by eight years for a society to which this Regulation applies.

4. (1) This Regulation applies to a society in respect of which the Court has by order--

(a) appointed a liquidator or liquidators pursuant to the Industrial and Provident Societies Acts, 1893 to 1978, and the Companies Acts 1963 to 1983, or

(b) confirmed and extended the period of operation of a direction under section 16 of the Act of 1978.

(2) The period referred to in section 5 (2) of the Act of 1978 is hereby extended by three years for a society to which this Regulation applies.

5. (1) This Regulation applies to a society which was registered before the commencement of the Central Bank Act, 1971 (No. 24 of 1971).

(2) The period referred to in section 5 (2) of the Act of 1978 is hereby extended by three years for a society to which this Regulation applies.

6. (1) This Regulation applies to a society other than a society to which Regulations 3 to 5 apply.

(2) The period referred to in section 5 (2) of the Act of 1978 is hereby extended by one year for a society to which this Regulation applies.

GIVEN under my Official Seal, this 11th day of November, 1983.

FRANK CLUSKEY,

Minister for Trade, Commerce and Tourism.

EXPLANATORY NOTE.

These Regulations provide for an extension in the period of time during which certain classes of Industrial and Provident Societies may continue to accept and hold deposits.