Captain Shawasked the Chancellor of the Exchequer if he has observed that the big co-operative societies are buying properties of different kinds throughout the country; and what restrictions apply to the raising of capital by co-operative societies for such purposes.
§ Sir J. AndersonUnder the existing Capital Issues Exemptions Order a society registered under the Industrial and Provident Societies Act, 1893, is free to make issues of capital provided its business does not consist wholly or mainly in investing in land or securities. The purpose of this exemption is to enable such a society to continue to accept money from its members in its customary manner, and I have no evidence that it has been used by co-operative societies to raise capital from the general public for the purpose mentioned in the Question.