S.I. No. 143/2002 - Friendly Societies (Amendment) Regulations 2002

I, Noel Treacy, Minister of State at the Department of Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 2 of the Friendly Societies (Amendment) Act 1977 (No. 17 of 1977) (as adapted by the Enterprise, Trade and Employment (Alteration of Name of Department and Title of Minister) Order 1997 ( S.I. No.305 of 1997 ) and the Enterprise Trade and Employment (Delegation of Ministerial Functions) Order 1998 ( S.I. No. 265 of 1998 )), 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 at the Friendly Societies (Amendment Regulations 2002.

2          These Regulations shall come into operation on the 1^st day of May, 2002.

3          In these Regulations “Regulations of 1992” means the Friendly Societies Regulations 1992 ( S.I. No. 59 of 1992 ).

4          The Regulations of 1992 are amended-

(a)        in Regulation 3(3) by the substitution for “shall” of “shall, for the purposes of a society referred to in Regulation 3(1)(a),”, and

(b)        by the insertion after Regulation 3(3) of:

“(3A) Section 46 of the Principal Act shall, for the purposes of a society referred to in Regulation 3(1)(b), have effect as if-

(a)        ‘€20,000’ were substituted for ‘two hundred pounds’ in paragraph (b) of that section, and

(b)        ‘€13,000’ were substituted for ‘fifty pounds’ in paragraph (c) of that section.”.

EXPLANATORY NOTE

(This is not part of the Instrument and does not purport to be a legal interpretation)

These Regulations increase the financial limits on deposits with, and loans by, specially authorised loan societies within the meaning of section 8 (5) of the Friendly Societies Act 1896, and which are governed by section 46 of that 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.