Explanatory note

This Order increases the amounts of deposits which may be taken by a society registered under the Industrial and Provident Societies Act 1965 without thereby carrying on the business of banking. The increases are from £10 to £400 in any one payment and from £250 to £400 for any one depositor. The Order further empowers the committee of a society, subject to certain conditions, to give effect to the increases by resolutions recorded in writing.