Public Service Investment Society Limited Act 1998

Reprint as at 1 April 2008

Public Service Investment Society Limited Act 1998

Private Act1998 No 3
Date of assent6 October 1998
Commencement6 October 1998

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.

A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.


An Act to enable The Public Service Investment Society Limited to be registered as a company under the Companies Act 1993

  • Preamble

    Whereas:

    A The Public Service Investment Society Limited is a society incorporated under the Industrial and Provident Societies Act 1908 with approximately 130,000 members:

    B The society wishes to be registered as a company under the Companies Act 1993 with the initial shares in the company held by the members of the society:

    C Section 14A of the Industrial and Provident Societies Act 1908 enables industrial and provident societies to be registered as companies, but requires an application for registration as a company to be signed by all the initial shareholders:

    D It is impracticable for the society to obtain the signatures of all its members to an application for registration as a company:

    E Registration of the society as a company in accordance with section 14A of the Industrial and Provident Societies Act 1908 may result in the company becoming liable for the payment of taxes and duties:

    F It is not considered appropriate that liability for taxes and duties should be incurred as a result solely of a change in the legal status of the society:

    G The society wishes that provision is made for other matters in connection with its registration as a company:

    H Legislation is the only means by which the society can be registered as a company conveniently and without the risk of adverse tax and other consequences:

    I The objects of this Act can be attained only by legislation.