SCHEDULES
SCHEDULE 3Provision for certain pre-commencement societies
Maximum deposits: effect of resolution on rules of societies registered before 27 April 1952
7
1
This paragraph applies to a registered society that was registered under the 1893 Act before 27 April 1952 (“the relevant date”) if—
a
the society's rules permit the taking of deposits up to, but not exceeding, 10 shillings in any one payment and £20 for any one depositor,
b
no amendment of its rules has been registered since the relevant date, and
c
the society's committee has since the relevant date resolved, by a resolution recorded in writing, that for the limits of 10 shillings and £20 there are to be substituted specified higher limits not exceeding £2 and £50 respectively.
2
The society's registered rules have effect subject to the resolution.
3
The society's committee may not vary or revoke the resolution.
4
But if any amendment of the society's rules is registered, the rules have effect as if the resolution had not been passed.