INDUSTRIAL SOCIETIES are societies which carry on some trade, the profits of which are applied to an object of mutual benefit, resembling the object of friendly societies (q.v.). The "Industrial and Provident societies act, 1876," regulates these societies on improved principles, the first statute having been passed in 1852. Any num her of persons not less than seven may establish such a society for the purpose of carry ing on any labor, trade, or handicraft, whether wholesale or retail, or the buying and selling of land, or the business of banking under certain restrictions, and taking deposits only under 5s. in one payment, and under £20 from one person. The rules of the society must define the object, name, and place of office of the society, and it must in all cases be registered as one of limited liability. The rules and statute define terms of admission of members, mode of holding meetings, voting, transferability of shares, audit of accounts, investment of capital, mode of withdrawing from the society, claims of exec utors, application of profits, appointment and remuneration of managers and officers, and make provision for the custody, use and device, of the seal of the society. Rides must be forwarded to the registrar of friendly societies of England and Scotland, for his certificate that they are in conformity with law, before they can be acted upon. _Mier registration a copy of the rules must be delivered to every person who demands them, on payment of one shilling, .No member's interest is to exceed .1:200, but one society may invest its funds auotltdror Offiera to any aniount. The mite of the society is to be painted conspicuously on the outside of the office, and put on all bills of exchange, bills of parcels, invoices, receipts, and letters of credit, and a penalty is incurred for neglecting these requirements. These societies are placed on the same footing as friendly
societies in respect of the exemption from assessment under income-tax—of settlement of disputes by registrar, justices, or county court—of compensation to members unjustly excluded—of the power of justices or the county courts in case of fraud, and of the juris diction of the registrar. Any member may nominate any person into whose name his interest in the society at his decease shall be transferred, but the society may, instead of making such transfer, pay to any nominee the full value of the shares, and must pay him the value of any shares, which, if transferred into his name, would increase his interest in the society to more than £200. The society may be wound up like a joint-stock com pany by the county court of the district, and in the event of its being wound up, past and present members are liable to contribute to the assets to an amount sufficient to pay the debts; but no pact member is bound to contribute who has ceased for a year to be a member, or where the debt was contracted after he left the society, or unless the exist ing members are unable to satisfy the contributions necessary to pay the debts; and no member is liable to pay more than the amount, if any, unpaid on the shares in respect of which he is liable as a past or present member. Every person or member having an interest in the funds is entitled to inspect the books. A general statement of the funds of the society, showing the assets and liabilities, must be sent to the registrar once every year, and every member and depositor is entitled to demand and receive without pay ment a copy of such statement from the treasurer or secretary.