|Amendments proposed to the Co-operative and Community Benefit Societies Bill - continued||House of Commons|
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Purported contracts, deeds and obligations
Mr Mark Todd
NC4To move the following Clause:
'(1) After section 29 of the 1965 Act insert
(2) Accordingly, the contract is to be treated
(2) In section 76 of the 1965 Act, after subsection (2) insert
Execution of deeds and other documents
Mr Mark Todd
NC5To move the following Clause:
'(1) After section 29A of the 1965 Act (which is inserted by section [Purported contracts, deeds and obligations]) insert
(2) If a registered society has a common seal, the society shall have its registered name engraved on the seal in legible characters.
(3) If, after the coming into force of subsection (1) of this section, a registered society decides to have a common seal, it shall not cause such a seal to be made unless the registered rules of the society contain provision for the custody and use of that seal.
(4) Section 62 of this Act does not apply in respect of an offence committed by a registered society under section 61 of this Act where the offence consists of a failure to comply with subsection (2) or (3) of this section.
(5) Any officer of a registered society, or any other person acting on such a society's behalf, who uses or authorises the use of any seal purporting to be the common seal of the society which does not have the society's registered name engraved on it in legible characters shall be liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(6) In this section "enactment" includes an enactment comprised in
(2) A registered society may, if it has a common seal, execute a document by affixing that seal to it.
(3) A document
(4) A document executed by a registered society which makes it clear on its face that it is intended by the person or persons making it to be a deed has effect, upon delivery, as a deed; and it shall be presumed, unless a contrary intention is proved, to be delivered upon its being so executed.
(5) In favour of a purchaser a document shall be deemed to have been duly executed by a registered society if it purports to be signed by a member of the committee of the society and the secretary of the society, or by two members of the committee, and, where it makes it clear on its face that it is intended by the person or persons making it to be a deed, to have been delivered upon its being executed.
(6) Subsections (3) to (5) of this section apply whether or not the society has a common seal; and, in subsection (5) of this section, "purchaser" means a purchaser in good faith for valuable consideration and includes a lessee, mortgagee or other person who for valuable consideration acquires an interest in property.
(3) An "official seal" is a facsimile of the society's common seal with the addition on its face of the name of every territory, district or place where it is to be used.
(2) An authorisation for the purposes of subsection (1) of this section must be given
(2) In section 3 of the 1965 Act (registration to effect incorporation of society), omit "a common seal and with".
(3) In subsection (6) of section 5 of the 1965 Act (registered name of society) omit "engraven in legible characters on its seal and".
(4) In subsection (7) of that section
(6) In section 76(2) of the 1965 Act (provisions which apply to Northern Ireland societies that have recorded their rules with the Financial Services Authority), for "26 to" substitute "26 to 29, 29B to 29D,".
(7) For paragraph 13 of Schedule 1 to the 1965 Act substitute
(9) The Schedule to this Act (which contains repeals made as a result of this section) shall have effect.'.
Mr Mark Todd
NC6To move the following Clause:
'(1) Her Majesty may by Order in Council direct that any provision of this Act or any instrument made under or by virtue of it shall extend, with such modifications (if any) as may be specified in the Order, to any of the Channel Islands.
(2) An Order in Council under this section may contain such transitional, incidental or supplementary provision as appears to Her Majesty to be necessary or expedient.'.
Mr Mark Todd
NC7To move the following Clause:
'(1) The preceding provisions of this Act shall come into force on such day as the Treasury may by order appoint, and different days may be so appointed for different purposes.
(2) An order under this section shall be made by statutory instrument and may contain such transitional provisions as appear to the Treasury to be necessary or expedient.'.
Financial Services Authority investigations
Mr Gareth Thomas
NC8To move the following Clause:
'The Financial Services Authority may investigate of its own volition a cooperative and community benefit society if it suspects wrongdoing.'.
Application of company accounts and audit provisions to societies
Mr Andrew Love
NC9*To move the following Clause:
'.Part VII of the Companies Act 1985 as for the time being in force shall apply to any society registered under the Industrial and Provident Societies Act 1965 as if that society were a company.'.
Mr Mark Todd
NS1To move the following Schedule: