Credit Unions Act 1979 (c. 34)

Version status: In force | Document consolidation status: Updated to reflect all known changes

Published date: 4 April 1979

Credit Unions Act 1979 (c. 34)

	Introductory Text
	Registration as a credit union (ss. 1-3)
	1 Registration
	1ZA Specified financial activities
	1ZB Power to specify further financial activities
	1A Common bonds appropriate to a credit union
	1B Further requirements where common bond relates to locality
	2 Supplementary and transitional provisions as to registration
	3 Use of name "credit union", etc.
	Rules and membership (ss. 4-6)
	4 Rules
	5 Membership and voting rights
	5A Corporate members
	6 Minimum and maximum number of members
	Operation of credit union (ss. 7-14)
	7 Shares
	7A Power to issue interest-bearing shares
	8 General prohibition on deposit-taking
	9 Deposits by persons too young to be members
	9A Power to charge for ancillary services
	10 Power to borrow money
	11 Loans
	11A Loans to be treated as secured
	11B Loans by approved credit unions
	11C Grant of certificates of approval
	11D Withdrawal of certificates of approval
	11E Conditional sale and hire purchase agreements
	11F Agreements to be treated as secured
	11G Insurance distribution activities
	12 Power to hold land for limited purposes
	13 Investments
	14 Computation and application of profits
	Insurance and other arrangements (ss. 15-16)
	15 Insurance against fraud or other dishonesty
	16 Guarantee funds
	Powers of FCA and PRA (ss. 17-20)
	17 Powers of FCA and PRA to obtain information for certain purposes
	17A Section 17: recovery of FCA's and PRA's costs
	18 Power to appoint inspector and call meeting
	19 Power to suspend operations of credit union
	20 Cancellation or suspension of registration and petition for winding up
	Amalgamations, transfers of engagements and conversions (ss. 21-23)
	21 Amalgamations and transfers of engagements
	22 No conversion of credit union into company, etc.
	23 Conversion of company into credit union
	General and miscellaneous (ss. 23A-33)
	23A Power to make provision corresponding to provision applying to building societies
	24 Modifications of requirements as to audit of accounts
	25 Taxation
	26 Prohibition on subsidiaries
	27 Prohibition on undischarged bankrupts and other persons
	28 Provisions as to offences
	29 Orders and regulations
	30 Expenses and fees
	31 Interpretation, etc.
	31A
	32 Northern Ireland
	33 Short title, commencement and extent
	Schedules
	Schedule 1 - Matters to be Provided For in Rules of Credit Union
	Schedule 2 - Procedure in Relation to Directions Under
	Schedule 3 - Temporary Powers to Designate Authorised Banks