A Manual of the Law Relating to Industrial and Provident Societies, in Their Formation, Existence, and Dissolution

SUMMARY OF CONTENTS.

The first co-operative society-Theory of co-operation
-its advantages-Early legislation on the subject
-Not sufficient privileges-New enactment giving
important privileges-Object of work

CHAPTER I.

FORMATION OF INDUSTRIAL SOCIETIES.

PAGE

1-6

Prior to registration, society has no legal existence-

Preliminary proceedings-Expenses by whom paid-

Applicants for shares not liable-nor provisional com-

mittee-but the individual members of the manag-

ing committee are to a certain extent-Persons

giving orders liable to pay-Applicants for shares to

agree to pay expenses out of deposits-Proceedings

to obtain registration-Purposes for which society

may be formed-Framing the rules-Subjects to be

provided for-Form in appendix-Copies of rules

to be sent to registrar-who may advise thereon with

the secretary-Certificate of registration-its ef-

fects-Name of society-Rules should be printed-

Society may be registered under Companies Act-

mode of so doing—Old societies must re-register—

Certificate of registration vests trust property in the

society-Society bound to defray expenses of regis-

tration

7-17

CHAPTER II.

OF THE INCIDENTS OF THE EXISTENCE, AND THE MODE OF

CARRYING ON THE BUSINESS OF AN INDUSTRIAL AND PRO-

VIDENT SOCIETY.

Society to have registered office-penalty on default-

penalty on default-Officer offending liable to pe-

nalty-Example-Who may execute negotiable in-

struments-Exemption from stamp duties-Ex-

emption from income tax-Lists to be sent to spe-

cial commissioners-penalty on default-Members

to be at liberty to inspect books-Society may

change its name-Consequences of incorporation-

Corporations aggregate-their constitution-Name

necessary- Common seal-Acts which do not re-

quire to be under the common seal-Trading corpo-

ration may be sued on an executed contract-Cor-

poration may make bye-laws-must always appear

by attorney-cannot undertake personal duties - Act

of the majority is the act of the whole-Power to

appoint officers-which may be delegated-Royal li-

cence in mortmain unnecessary-No words of limi-

tation necessary-Dissolution of corporations-Rules

must determine as to investment of capital-Books

should be accurately kept-Balance-sheet should be

laid before meeting-Purposes for which profits may

be applied-No annuity above 307. to be granted-

Rules as to payment of money on death of child-

Other objects - Officers

CHAPTER III.

PAGE

18-36

OF THE RIGHTS AND LIABILITIES OF THE MEMBERS.

Rights and liabilities of members defined by rules-

which are binding-Fines, &c. equal to specialty
debts-Settlement of disputes-Applications to be
made to county court, or in Scotland to the sheriff,
and in Ireland to the assistant barrister-Orders how

enforced-Operation of statutes-Provision in case

of fraud on the society-Mode of procedure in Eng-

land, Ireland, and Scotland-Penalty-Not ap-

plicable to unregistered societies-Interest of one

member not to exceed 2007.-Members may inspect

the books of the society-and are entitled to receive

copy of annual statement-Shares-Confirmation

of transfers-Member may appoint a nominee to re-

ceive his shares on his decease-Power of revoca-

tion and variation-Power to society to exclude any

nominee-Secretary must keep book in which to enter

all nominations-Rule as to liability of members of