Ind Prov Members
Meetings
The rules of a registered Industrial and Provident Society provide for the manner of holding a General Meeting. Unlike companies legislation, there is no specific requirement for meetings to be held at a particular interval. However, reporting and accounting to members implies an obligation to hold a meeting. This should be annual in accordance with the accounting sequence.
Rules will generally provide for the holding of Special General Meetings. They may usually be called by a certain number of members. There is a provision for the Registrar to compel a meeting to be called in default.
Procedure
Rules will provide for procedure at meetings. They should provide for giving of notice, a quorum, adjournments etc. The rules will generally provide that meetings may make regulations in relation to a variety of matters, authorise certain actions, require officers to account for monies and assets, pass resolutions changing names and undertake certain key corporate changes and actions.
The rules must provide for voting at the meeting. They may generally provide for proxy voting and the conditions under which a proxy is valid.
A special resolution is required for certain key matters. Legislation requires this for amalgamations and transfers, conversion into a company and certain other key corporate actions. A three-quarters majority is required by statute with respect to specific items and may be required by the rules in other cases.
Shares
The rules may make provision for shares, numbers of shares or withdraw ability and transferability. In the case of certain type of societies, there are at statutory limitations on the value of shares which an individual may hold or withdraw.  This may be allowed for by the rules. The terms of withdrawal will be specified.
The rules would provide for the issue of shares. This may include provision for instalment costs, payment of balance et cetera.
The rules may provide for classes of shares. There may a preferred a deferred class of share. Shares may have special rights attaching. There need not be share certificates. Sometimes there may be.
The ability of a society to borrow depends on its rules. There is no provision for registration of charges with the registrar.
Members’ Rights
Members have individual rights set out in the rule. They may not be changed by amendment. They include rights to demand a copy of the rule, rights to inspect one’s accounts, rights to inspect the books of account, rights to see the annual return, and rights to have certain dispute returns determined under the rule by the nominated persons, who take the share after death.
Other rights belong to the members collectively. The members collectively may apply to appoint an accountant to examine the society’s books. They may apply to the chief registrar to appoint an inspector to enquire into the company society’s affairs. They may require him to call a special meeting of the society. Collectively they may execute or administer, dissolve or  wind up the society.
A member is only liable for the liabilities of the society to the extent that there are monies unpaid on his shares  while a member or within one year. His liability to subscribe shares or capitals cannot be increased by amendment of the rules.
A registered society must keep a register of members with their names and addresses, statements of shares held, amounts paid or agreed to be paid in consideration, a statement of other property in the society, Â loans, deposits held by each member date of entry as a member, date of cessation.
Members Interests
The 2014 Act amends the law in respect of industrial and provident societies. It removes time limits on individual shareholding, increases the amount societies may raise in forms without the Registrar’s permission, and allows appeals against the Registrar’s decisions to be made to the Circuit Court rather than the High Court. It applies existing law on examinership to industrial and provident societies.
The upper limit on the interest a member may personally hold in a society is removed. This limit was previously €150,000 or one per cent of total assets. Existing societies that wish to retain the €150,000 or one per cent limit in their rules may do so without changing their rules.
Information
Societies are required to provide a copy of their rules to each member free of charge or upon payment of a restricted fee. The rights of members or persons with an interest in society funds to inspect its books are extended. The requirement to make a triennial return where the information is already available is removed.
Non-members may inspect books containing the names of members, their holdings, and share values during reasonable hours. This is equivalent to the Companies Act’s right of access.
Nomination
The legislation allows for nomination of shares etc.  in a registered Society by a deceased subject to financial limitation. This bypasses the general requirement for a grant of probate. A lifetime nomination may be made and registered with the Society. The Society must keep a register of nominations.
Assets which may be nominated include, shares, loans and deposits. Sums due to the nominated party are payable on death. The nominee must not be an officer of the Society unless he is one of a number of close relatives.
The nomination may be revoked and varied from time-to-time. Marriage terminates the nominations. Where the nominee is under 16, the Society may pay that sum to a parent or nominated guardian.