Co-operative and Community Benefit Societies Act 2014 (c. 14)

SCHEDULES

SCHEDULE 3 E+W+S Provision for certain pre-commencement societies

Maximum shareholding (section 24): effect of certain resolutions on society's rules E+W+S

6 (1) This paragraph applies to a resolution of a society's committee that, immediately before this Act comes into force, has effect by virtue of any of the following— E+W+S

• section 6(2) or (3) of the 1965 Act,

• section 1(2) of the 1975 Act,

• article 4(1) of the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1981 (SI 1981/395),

• article 4(1) of the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1994 (SI 1994/341).

(The effect of such a resolution is to increase the limit on members' shareholdings, contained in a society's rules.)

(2) The society's rules continue to 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.