With this it will be convenient to take the following: New clause 5—Power to modify, etc. to assimilate to company law—
'(1) If at any time, whether or not on any modification of the statutory provisions in force in Great Britain relating to companies it appears to the Treasury to be expedient to modify the relevant statutory provisions for the purpose of assimilating the law relating to companies and the law relating to industrial and provident societies, the Treasury may, by order, make such modifications of the relevant statutory provisions as they think appropriate for that purpose.
(2) If, on any modification of the statutory provisions in force in Great Britain relating to companies, it appears to the Treasury to be expedient to modify any provisions of the Industrial and Provident Societies Act 1965 to 1978 for the time being in force for the purpose of assimilating the law relating to companies and the law relating to industrial and provident societies, the Treasury may, by order, make such modifications of those Acts for the time being in force as they think appropriate for that purpose.
(3) The ''relevant statutory provisions'' are the following provisions of the Industrial and Provident Societies Act 1978 as for the time being in force:
(a) the following sections of the Industrial and Provident Societies Act 1965: Section 1(1)(b) and Schedule 1 paragraphs 2 and 6 and section 14 so far as necessary to assimilate the law as to: limitations on the society's capacity;the power of its board of directors, officers or committee to bind the society or authorise others to do so; and remove any duty on parties to transactions with the society to enquire as to its capacity or those powers of the board of directors or committee; Section 3 in so far as it refers to a common seal, section 1(1)(b) and schedule 1 paragraph 13 (custody and use of seal); Section 5 (name of society); Section 29 (contracts); Section 39 (annual returns); Sections 41, 42 and 43 so far as necessary to assimilate the law as to the accountability of, and fair dealing by, directors, committee members and officers of societies with the equivalent provisions applicable to company directors and officers; Sections 47, 48 and 49 inspection of books by the Authority, production of documents and provisions of information, the appointment of inspectors,and the calling of special meetings; Paragraph (a) of section 55 (application of Insolvency Act 1986 to societies) to apply to societies of any provisions of that Act or of the Company Directors' Disqualification Act 1986 applicable to companies whether on or involving the dissolution of a society or not; Section 61, 62, 63, 64 and 65 (General offences by societies, officers, members or others); Sections 66, 67, 68 and 69 (Proceedings and costs) Section 74 (Interpretation);
(b) any section of the Industrial and Provident Societies Act 1967 (borrowing by registered societies and registration of charges); and
(c) any section of the Friendly and Industrial and Provident Societies Act 1968 (society accounts, audit and group accounts).
(4) The powers conferred by subsections (1) and (2) of this section include the power to modify the relevant statutory provisions or any provision of the Industrial and Provident Societies Acts 1965 to 1978 as the case may be so as to—
(a) confer power to make orders, regulations, rules or other subordinate legislation;
(b) create criminal offences; or
(c) provide for the charging of fees but not any charge in the nature of taxation.
(5) An order under this section may—
(a) make consequential amendments of or repeals in any provisions of the Industrial and Provident Societies Acts 1965 to 1978; or
(b) make such transitional or saving provisions as appear to the Treasury to be necessary or expedient.
(6) The power to make an order under this section shall be exercisable by statutory instrument and no order shall be made unless a draft of it has been laid before and approved by resolution of each House of Parliament.
(7) In this section—
''modification'' includes any additions and, as regards modifications of the statutory provisions relating to companies, any modification whether effected by any future Act or by an instrument made after the passing of this Act under an Act whenever passed; and
''statutory provisions'' except in the expression ''relevant statutory provisions'' includes the provisions of any instrument made under an Act.'.
And the following amendments thereto: (a), after first ''If'', leave out
'at any time, whether or not'.
(c), leave out paragraph (b) of subsection (4).
(d), in subsection(4)(c), at end insert—
'(3A) No power conferred by subsections (1) and (2) of this section shall extend to the creation of criminal offences.'.