Industrial and Provident Societies (Amendment) Act, 1978

Prohibition on certain advertising by societies.

8.—(1) A society shall not advertise for the purpose of raising funds or of accepting deposits except under and in accordance with the written permission of the Registrar.

(2) A permission under this section may be given if, after consultation with the Central Bank, the Registrar is satisfied that it is in the interests of the public or of creditors of the society to give the permission.

(3) (a) A permission under this section may relate to a specified class or classes of society denoted by reference to such matters as the Registrar thinks fit, and shall relate to such a period as is specified in the permission.

(b) A permission under this section may be given subject to the condition (specified in the permission) that the society concerned complies with any direction given to it by the Registrar relating to the extent, matter and form of advertising by the society, denoted by reference to such matters as the Registrar thinks fit.

(c) A direction under this subsection may apply for such period as may be specified in the direction and, without prejudice to the generality of paragraph (b), may require a society to take all practical steps to withdraw any advertisement which, in the opinion of the Registrar, is not in accordance with a direction under this subsection previously given by him, and may require that advertisements in such form as may be specified in the direction shall include a statement concerning the financial position of the society or giving any particular information relating to the society.

(4) In this section “advertise” includes publish or display any matter soliciting deposits or funds, whether by notice, circular, photograph, film, sound broadcasting, television, personal canvassing or otherwise.