S.I. No. 59/1992 - Friendly Societies Regulations, 1992.

S.I. No. 59 of 1992.

FRIENDLY SOCIETIES REGULATIONS, 1992.

I, DESMOND O'MALLEY, Minister for Industry and Commerce in exercise of the powers conferred on me by sections 2 , 4 and 8 of the Friendly Societies (Amendment) Act, 1977 (No. 17 of 1977) with respect to which, pursuant to section 10 of the said Act, a draft has been laid before each House of the Oireachtas and a resolution approving of that draft has been passed by each such House, hereby make the following Regulations:

1. These Regulations may be cited as the Friendly Societies Regulations, 1992, and shall come into operation one month after the day on which they are made by the Minister for Industry and Commerce.

2. In these Regulations—

"the Principal Act" means the Friendly Societies Act, 1896,

"the 1988 Regulations" means the Friendly Societies Regulations, 1988 (No. 74 of 1988).

3. (1) This Regulation applies in relation to every registered society in respect of which the Registrar of Friendly Societies certifies that it is a society—

( a ) which is a friendly society within the meaning of section 8 (1) (b) of the Principal Act, or

( b ) which is a specially authorised Society within the meaning of section 8 (5) of the Principal Act and whose objects are within the purposes set out in the authorisations of the 16th day of May, 1876, and the 23rd day of April, 1903.

(2) Each society to which this Regulation applies shall, notwithstanding anything in section 44 of the Principal Act, invest its funds solely in trustee authorised investments.

(3) Section 46 of the Principal Act shall have effect as if—

( a ) "£5,000" were substituted for "two hundred pounds" in paragraph (b), and

( b ) "£2,500" were substituted for "fifty pounds" in paragraph (c).

(4) Each society in relation to which this Regulation applies shall, immediately after the first annual general meeting of the society to be held on or after the commencement of these Regulations, have a supervisory committee.

(5) In this Regulation "trustee authorised investment" means an investment specified in section 1 of the Trustee Act, 1893, as amended by Section 1 of the Trustee (Authorised Investments) Act, 1958 , as varied by order under section 2 of the Trustee (Authorised Investments) Act, 1958 , and which (except for securities of the Government and securities guaranteed as to capital and interest by the Minister for Finance) stands so varied from time to time.

4. Each section of the Principal Act mentioned in Column (1) of the Schedule of these Regulations is hereby amended in the manner specified in Column (2) of that Schedule opposite the mention of that section in Column (1).

5. Regulation 3 of the 1988 Regulations is hereby revoked.

SCHEDULE

Regulation 4

Increase of Certain Amounts Specified in Principal Act.

GIVEN under my Official Seal, this 1st day of April 1992.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

These Regulations,

( a ) increase the financial limits on deposits with, and loans by, Friendly Societies registered in accordance with Section 8 (1) (b) of the Friendly Societies Act, 1896, and which are governed by Section 46 of that Act,

( b ) require Friendly Societies covered by Regulation (3) to have Supervisory Committees,

( c ) increase certain financial limits which apply to Friendly Societies governed by Section 8 (1) of the 1896 Act.