HC Deb 30 July 1923 vol 167 cc1191-2

(5) For the purposes of this Act "approved association" means an association which is approved by the Treasury for the purposes of this Act, and which does not trade for profit or by its constitution or otherwise is restricted in relation to the rate of interest on loan capital and the distribution of profits amongst its members so as to comply with Regulations made in that behalf by the Treasury.

Lords Amendment:

In Sub-section (5) leave out the word "Act" ["For the purposes of this Act"] and insert "Section, the expression."

Agreed to.

Lords Amendment:

At end of Sub-section (5) insert and the expression 'person' in the definition of borrower shall, without prejudice to the effect of Section nineteen of the Interpretation Act, 1889, include an association registered under the Industrial and Provident Societies Acts, 1893 to 1913, and having for its object, or one of its objects, the provision of small holdings or allotments.

Sir R. SANDERS

I beg to move, "That this Douse doth aree with the Lords in the said Amendment."

This is a drafting Amendment, to make it quite clear that the word "person" includes such associations.

Mr. A. V. ALEXANDER

This Amendment, while it is all to the good in giving the interpretation mentioned by the Minister, that "person" shall include industrial and provident societies, confines the advantage which an industrial society can get out of this part of the Bill to holdings of 50 acres or less. Other persons who may get the benefit of the first part of the Bill may get credits in regard to land purchase, irrespective of the size of the holding, but, in the case of industrial and provident societies, by the wording of the Amendment, they will confine their operations to small holdings or allotments. While it is rather late in the day, it would have been much better if the Minister could have seen his way to include, besides small holdings and allotments, land for other agricultural occupation. I do not know if it is possible for that to be done now.

Sir R. SANDERS

I am afraid it is too late now.