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  4. 1979
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  1. Credit Unions Act 1979 (c. 34)
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 4 April 1979

Credit Unions Act 1979 (c. 34)

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