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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: 1 August 2014 - onwards
Version 6 of 6

23 Conversion of company into credit union

(1) [deleted]

(2) [deleted]

(3) A company shall not be registered as a credit union in accordance with section 115 of the 2014 Act (conversion of company into a registered society) unless the FCA is satisfied -

(a) that either there are no outstanding deposits by members with the company or that, in the case of every such outstanding deposit, the member concerned has consented in writing to the deposit being converted into an equivalent amount of shares in the credit union immediately upon the company being registered as a credit union; and

(b) that in no case does the nominal value of the company's shares held by any member, together with the amount of any deposit of his which is to be converted as mentioned in paragraph (a) above, exceed the maximum shareholding for the time being permitted by any applicable rules in the case of a member of a credit union.

(c) [deleted]

(4) In subsection (3), "applicable rules" are -

(a) if the credit union is a PRA-authorised person, rules made by the PRA or the FCA under the 2000 Act; and

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