# Co-operative and Community Benefit Societies Act 2014, Section 67: Registered society with withdrawable share capital not to carry on banking etc


(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.

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Source: https://www.legislation.gov.uk/ukpga/2014/14/section/67 (the official version)
Page: https://openlegislation.uk/co-operative-and-community-benefit-societies-act-2014/section-67
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.