Section 67 Registered society with withdrawable share capital not to carry on banking etc

C1(1)

A registered society which has any withdrawable share capital must not carry on the business of banking.

(2)

For this purpose the taking of deposits of not more than £400 in any one payment and not more than £400 for any one depositor, payable on not less than 2 clear days' notice, is not to be treated as carrying on the business of banking.

(3)

A registered society which takes deposits must not make any payment of withdrawable capital while any payment due on account of any deposit is unsatisfied.

(4)

A registered society which contravenes this section commits an offence and is liable on summary conviction to a fine not exceeding level 1 on the standard scale.

Annotations

Modifications

C1: S. 67(1) excluded by 1979 c. 34, s. 31(4) (as amended (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 16(5)(b) (with Sch. 5))