Sydenham Money Club Act 2001

  • repealed
  • Sydenham Money Club Act 2001: repealed, on 3 June 2017, by section 3(1) of the Statutes Repeal Act 2017 (2017 No 23).

Preamble

(1)

The Sydenham Money Club was created in 1882 and registered in 1885 under the Friendly Societies Act 1882:

(2)

On the coming into force of the Friendly Societies and Credit Unions Act 1982, the club was deemed to be registered under that Act:

(3)

The club has not, since its registration under the Friendly Societies and Credit Unions Act 1982, been able to comply with the strict terms of that Act:

(4)

The Friendly Societies and Credit Unions Act 1982 does not permit a credit union to change its status to that of another legal entity (for example, a credit union cannot become registered as a company or as a building society):

(5)

The club wishes to be registered as a building society under the Building Societies Act 1965 with the name “SMC Building Society” and with the initial shares in the society held by the members of the club:

(6)

The registration of the club as a building society may result in the club and the members of the club becoming liable for the payment of taxes and duties:

(7)

It is not appropriate that, on the conversion of the club into a building society, taxes and duties be incurred or be payable solely as a result of a change in the legal status of the club:

(8)

The club wishes to make provision for other matters in connection with its registration as a building society:

(9)

Legislation is the only means by which the club can be registered as a building society conveniently and without the risk of adverse tax and other consequences:

(10)

The objects of this Act can be obtained only by legislation.