67Registered society with withdrawable share capital not to carry on banking etcE+W+S
(1)A registered society which has any withdrawable share capital must not carry on the business of banking.
(2)For this purpose the taking of deposits of not more than £400 in any one payment and not more than £400 for any one depositor, payable on not less than 2 clear days' notice, is not to be treated as carrying on the business of banking.
(3)A registered society which takes deposits must not make any payment of withdrawable capital while any payment due on account of any deposit is unsatisfied.
(4)A registered society which contravenes this section commits an offence and is liable on summary conviction to a fine not exceeding level 1 on the standard scale.
Modifications etc. (not altering text)
C1S. 67(1) excluded by 1979 c. 34, s. 31(4) (as amended (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 16(5)(b) (with Sch. 5))