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Credit Unions Act 1979 (c. 34)Introductory TextRegistration as a credit union (ss. 1-3)1 Registration1ZA Specified financial activities1ZB Power to specify further financial activities1A Common bonds appropriate to a credit union1B Further requirements where common bond relates to locality2 Supplementary and transitional provisions as to registration3 Use of name "credit union", etc.Rules and membership (ss. 4-6)4 Rules5 Membership and voting rights5A Corporate members6 Minimum and maximum number of membersOperation of credit union (ss. 7-14)7 Shares7A Power to issue interest-bearing shares8 General prohibition on deposit-taking9 Deposits by persons too young to be members9A Power to charge for ancillary services10 Power to borrow money11 Loans11A Loans to be treated as secured11B Loans by approved credit unions11C Grant of certificates of approval11D Withdrawal of certificates of approval11E Conditional sale and hire purchase agreements11F Agreements to be treated as secured11G Insurance distribution activities12 Power to hold land for limited purposes13 Investments14 Computation and application of profitsInsurance and other arrangements (ss. 15-16)15 Insurance against fraud or other dishonesty16 Guarantee fundsPowers of FCA and PRA (ss. 17-20)17 Powers of FCA and PRA to obtain information for certain purposes17A Section 17: recovery of FCA's and PRA's costs18 Power to appoint inspector and call meeting19 Power to suspend operations of credit union20 Cancellation or suspension of registration and petition for winding upAmalgamations, transfers of engagements and conversions (ss. 21-23)21 Amalgamations and transfers of engagements22 No conversion of credit union into company, etc.23 Conversion of company into credit unionGeneral and miscellaneous (ss. 23A-33)23A Power to make provision corresponding to provision applying to building societies24 Modifications of requirements as to audit of accounts25 Taxation26 Prohibition on subsidiaries27 Prohibition on undischarged bankrupts and other persons28 Provisions as to offences29 Orders and regulations30 Expenses and fees31 Interpretation, etc.31A32 Northern Ireland33 Short title, commencement and extentSchedulesSchedule 1 - Matters to be Provided For in Rules of Credit UnionSchedule 2 - Procedure in Relation to Directions UnderSchedule 3 - Temporary Powers to Designate Authorised Banks
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 8 January 2012 - onwards
Version 7 of 7

5 Membership and voting rights

(1) [deleted]

(2) A person shall not be a member of a credit union unless he holds at least one fully paid-up share in that credit union, but the rules of the credit union shall not require a person to hold more than £5 in fully paid-up shares as a condition of membership.

(3) [deleted]

(4) [deleted]

(4A) [deleted]

(5) A member of a credit union who ceases to fall within a common bond and as a result would not qualify for admission to membership shall be entitled to retain his membership unless the rules of the credit union provide otherwise; and, subject to section 21(4) below, in this Act the expression "non-qualifying member", in relation to a credit union, means a person who remains a member of the credit union by virtue of this subsection.

(6) [deleted]

(7) Non-qualifying members of a credit union shall be left out of account in determining for any purpose whether the requirements of section 1B are met.

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