Industrial and Provident Societies. The (English) Statutes regulating these societies, 25 & 26Vict. c. 87, 30 & 31 Vict. c. 117, and 34 & 35 Vict. c. 80, were consolidated by the Industrial and Provident Societies Act, 1876 (39 & 40 Vict. c. 45), which by s. 6 provided for the registration of societies 'for carrying on any labour, trade, or handicraft, in-cluding the buying or selling of land, of which no member shall claim an interest in the funds exceeding 200l.'
This Act was repealed and re-enacted with amend-ment by the (English) Industrial and Provident Societies Act, 1893 (56 & 57 Vict. c. 39), which pro-vides for the registration as an industrial and provident society of any society for carrying on any 'industries, businesses, trades specified in or authorized by its rules, whether wholesale or retail, and including dealings of every description with land,' but enacts that no member other than a registered society shall have any interest in the shares exceeding 200l. and contains restrictive pro-visions as to banking. No society can be registered which does not consist of seven persons at least. The most important privileges of registration are:'Limited liability of members, exemption from in-come tax, membership of minors, and determina-tion of disputes between members and the society in the manner determined by the rules, including determination, if the rules so provide, by a Court of summary jurisdiction. The Act was amended by the (English) Industrial and Provident Societies (Amendment) Act, 1913 (3 & 4 Geo. 5, c. 31), which provides (s. 1) for the registration of a society consisting of two or more other societies, and amends the law as to the audit of the accounts, nominations, and other matters. See also the Industrial Assurance Act, 1923, which provides safeguards for the poorer classes of assured persons. The (English) Industrial and Provident Societies (Amendment) Act, 1928 (18 & 19 Geo. 5, c. 4), provides safeguards for a member when any rules are amended so as to increase his liability to contribute to the share or loan capital, unless his consent to the rule has been obtained in writing.
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