INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 29 Charges on assets of registered societies.

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 29

Charges on assets of registered societies.

29.(1) An instrument which is executed after the passing of this Act by a
registered society and which creates or is evidence of a fixed or floating
charge on assets of the society shall not be a bill of sale for the purposes
of the Bills of Sale (Ireland) Acts 1879 and 1883 or be invalidated by those
Acts if an application for the recording of the charge is made in accordance
with subsection (2).

(2) An application for the recording of a charge in pursuance of subsection
(1) shall be made by delivering by post or otherwise to the registrar, within
the period of fourteen days beginning with the date of execution of the
instrument which creates or is evidence of the charge or within any extended
period allowed under subsection (5),

(a)a copy of the instrument authenticated in the prescribed manner and such
additional particulars relating to the charge and so authenticated as may be
prescribed; and

(b)such fee as may be prescribed.

(3) It shall be the duty of the registrar to secure

(a)that an acknowledgment in the prescribed form of every application made for
the purposes of this section is issued to the person by whom the application
was made; and

(b)that the copy of the instrument included in such an application, a note of
any prescribed particulars so included and a copy of the acknowledgment of the
application issued in pursuance of paragraph (a) are filed in the prescribed
manner and made available for inspection during office hours by members of the
public on payment of such fee as may be prescribed;

(4) Without prejudice to the generality of the power to make regulations
conferred by subsection (1) of section 97, regulations under that subsection
may make provision for anything which is to be prescribed under this section
and for the giving of notice to the registrar of any release, discharge or
other transaction relating to any charge in respect of which an application
has been made for the purposes of this section and for the filing in the
prescribed manner of any such notice appearing to the registrar to relate to
the charge.

(5) If in the case of such an instrument as is mentioned in subsection (1) it
appears to the High Court, on the application of the society which executed
the instrument or of any other person claiming the benefit of the instrument,
that by reason of inadvertence or other sufficient cause

(a)an application for the recording of the charge to which the instrument
relates was not made within the period of fourteen days mentioned in
subsection (2); or

(b)any matters were omitted from or were mis-stated in such an application,

Holding of land.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 29