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.