THE INDUSTRIAL AND PROVIDENT SOCIETIES BILL.

Otago Witness, Issue 1340, 4 August 1877, Page 9

THE INDUSTRIAL AND PROVIDENT SOCIETIES BILL.

[BY TELEGRAPH.] (FROM OUB OWN CORRESPONDENT.) Wellington, July 31st. The Industrial and Provident Societies Bill consists of 24 clauses. It repeals the Industrial and Provident Societies Act of 1867. Existing Societies under that Act are to be formally registered. Every Society to be registered must consist of at least seven persons, and have the word " Limited " as the last word of its name. Under certain circumstances, certificates of registry may be cancelled or suspended. Societies are to have tha office name painted, and to mate returns, &c, like limited joint stock companies. Societies registered are to be bodies corporate. Transactions are exempt from stamp duty. Minors may be members. Societies may enter into contracts, accept bills, and hold land, and may advance money to members on real or personal security. Officers are to give security, and be liable for misappropriation. Disputes may be referred to the Registrar, or to a Court, and a case may be stated for the Supreme Court. Regulations made for inspection by officer, to be appointed on application of certain proportion of members. Societies may be converted into Joint Stock Companies, and may be dissolved under regulations. Accounts are to be audited by a public auditor. The Governor may make regulations for carrying out the Act. Rules of societies are to contain provisions similar to those required from friendly societies. The societies which may be registered are those for carrying on any labour, trade, or handicraft, whether wholesale or retail, including the 1 buying and selling of land, but excepting the business of banking. No member is to have or claim an interest in the funds exceeding L2OO.