§ Mr. Craigenasked the Chancellor of the Exchequer if he will seek to increase the limits of the maximum shareholding under the Industrial and Provident Societies Act legislation in line with inflation; and if he will make a statement.
§ Mr. LawsonThe Chief Registrar of Friendly Societies, after representations from both agricultural and retail societies, has proposed an increase in the maximum shareholding limit under the Industrial and Provident Societies Act, from £5,000 to £10,000, which I have approved. The Chief Registrar has also proposed an increase in the limit on the maximum sum which any depositor can hold with any industrial and provident society from £250 to £400, which I have also approved. I have further approved an increase in the limit of individual payments by depositors to societies from £10 to £400 so that this is no longer an effective limit. The statutory instruments to bring these increases into effect will be laid before the House in the near future.