S.I. No. 168/1988:

INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT, 1978 (SECTION 5 (3)) REGULATIONS, 1988

INDUSTRIAL AND PROVIDENT SOCIETIES (AMENDMENT) ACT, 1978 (SECTION 5 (3)) REGULATIONS, 1988

I, ALBERT REYNOLDS, Minister for Industry and Commerce, 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, after consultation with the Central Bank, hereby make the following Regulations:

1. These Regulations may be cited as the Industrial and Provident Societies (Amendment) Act, 1978 (section 5 (3)) Regulations, 1988, and they shall come into operation on the 15th day of July, 1988.

2. In these Regulations--

"the Act of 1978" means the Industrial and Provident Societies (Amendment) Act, 1978 (No. 23 of 1978);

"the Court" means the High Court;

" the Registrar" means the Registrar of Friendly Societies;

"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 Industrial and Provident Societies (Amendment) Act, 1978 , section 10 to 18 of that Act apply.

3. (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 1986, or

( b ) confirmed and extended the period of operation of a direction given to the society by the Registrar under section 16 of the Act of 1978:

Provided that the said order is in force on the date of commencement of these Regulations.

(2) The period referred to in section 5 (2) of the Act of 1978 (as amended by Regulation 4 (2) of the Industrial and Provident Societies (Amendment) Act, 1978 (Section 5 (3) Regulations, 1983), is hereby extended by three years for a society to which this Regulation applies.

GIVEN under my Official Seal, this 4th day of May 1988.

ALBERT REYNOLDS,

Minister for Industry and Commerce.

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.