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Industrial and Provident Societies (Amendment) Act, 1978 (No. 23)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-3)1. Short title, construction and collective citation.2. Interpretation.3. Expenses.Part II Industrial and Provident Societies (ss. 4-19)4. Application of Part II.5. Prohibition on acceptance of deposits.6. Prohibition on raising of funds.7. Use of funds by certain societies.8. Prohibition on certain advertising by societies.9. Application of sections 10 to 18.10. Power of Registrar to regulate certain businesses.11. Inspection of books and other documents of a society.12. Furnishing by societies of information and returns to Registrar.13. Registrar's power to investigate society's affairs.14. Provisions supplemental to section 13.15. Registrar's power to appoint person to society's management committee.16. Registrar's power to direct suspension of acceptance of deposits or funds and of payments.17. Registrar's powers consequential on section 16.18. Liability of officers and servants for certain loans, deposits and funds.19. Winding up of societies.Part III Credit Unions (ss. 20-27)20. Construction of Part III.21. Inspection of books and other documents of a credit union.22. Registrar's power to investigate a credit union's affairs.23. Provisions supplemental to section 22.24. Registrar's power to call special meeting of a credit union.25. Registrar's power to appoint person as director of a credit union.26. Registrar's power to direct suspension of acceptance of deposits, loans or shares and of payments.27. Registrar's powers consequential on section 26.Part IV Miscellaneous (ss. 26-37)28. Offences.29. Keeping of books of account, etc. by societies.30. Annual accounts of societies.31. Prohibition on bankrupts and other persons.32. Prohibition on withdrawable shares.33. Alteration of financial limits in Principal Act.34. Cancellation of registry of society.35. Amendment of rules of societies.36. Prohibition on acceptance of deposits by investment trust companies.37. Amendment of section 6 of Money-lenders Act, 1900.
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 15 November 1978 - onwards

32. Prohibition on withdrawable shares.

A society which is not a credit union or which is not a society to which, by virtue of section 3(4) of the Credit Union Act, 1966, section 3(3) of that Act does not apply, shall not issue withdrawable shares.

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