(1) In this section, unless the context otherwise requires,—
Industrial Society means a society incorporated under the Industrial Societies Act 1908
Repeal date means the 1st day of January 1988.
(2) Notwithstanding any existing incorporation, any Industrial Society may, at any time before the repeal date, in accordance with the Incorporated Societies Act 1908, become an Incorporated Society.
(3) An Industrial Society shall cease to be an Industrial Society when it becomes an Incorporated Society; but—
(c) Its ceasing to be an Industrial Society and becoming an Incorporated Society shall not affect its name, assets, liabilities, rights, or powers.
(4) Subsections (5) to (7) of this section shall come into force on the repeal date.
(5) Every society that, immediately before the commencement of this subsection, was an Industrial Society is hereby dissolved.
(6) On the dissolution of an Industrial Society under subsection (5) of this section, all its surplus assets, after payment of all costs, debts, and liabilities, shall be disposed of—
(a) If, before its dissolution, it has, by resolution passed at a general meeting, decided on the manner in which the assets are to be disposed of, in that manner; and
(7) The following enactments are hereby repealed: