Industrial Societies

An Industrial and Building Society is a society for the purpose of carrying on any industries, business or trades specified in or authorised by its rules, whether wholesale or retail, including the buying and selling of land, of which society no member other than a society registered under this Act shall have or claim an interest in the shares thereof exceeding £5,000 or such other sum as may be specified in an order under section 2 of the Industrial and Building Societies Act 1979. Provided always that no Industrial and Building Society shall be formed for or carry on the business of banking.