{
  "url": "https://openlegislation.uk/industrial-and-provident-societies-increase-in-shareholding-limit-order-2014/note",
  "json_url": "https://openlegislation.uk/industrial-and-provident-societies-increase-in-shareholding-limit-order-2014/note.json",
  "legislation": "uksi/2014/210",
  "legislation_title": "The Industrial and Provident Societies (Increase in Shareholding Limit) Order 2014",
  "legislation_url": "https://openlegislation.uk/industrial-and-provident-societies-increase-in-shareholding-limit-order-2014",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Order)\nThis Order increases from £20,000 to £100,000 the amount specified in section 6(1) of the Industrial and Provident Societies Act 1965 (c. 12) (“the Act”). That amount is the maximum interest in the withdrawable shares of a society registered under the Act which may be held by a member (other than a member who is not subject to the maximum shareholding limit).\nFor the purposes of this Order “registered society” does not include a credit union. Section 6 of the Act does not apply to credit unions by virtue of section 31(3) of the Credit Unions Act 1979 (c. 34.).\nArticle 3 provides that the committee of a registered society may resolve to increase the maximum interest specified in the society’s rules to any amount up to £100,000. The rules have effect in accordance with a resolution until any subsequent amendment is registered under section 10 of the Act. A resolution cannot be varied or revoked. The power to make a resolution is lost if it is not exercised within 18 months from the date on which this Order comes into force. It is also lost if the society’s rules are amended before a resolution is made.\nArticle 4 revokes previous orders made to increase the maximum shareholding limit.\nA full impact assessment has not been produced for this instrument as no impact is foreseen on the costs of business or the voluntary sector.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2014/210/note",
    "retrieved_at": "2026-10-29T00:27:59.421188+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}