Introductory
1 The Credit Unions Act 1979 is amended as follows.
Specified financial activities
(1) Section 1 (registration) is amended as follows.
(2) After subsection (2) insert -
"(2A) The objects of a credit union are -
(a) each of the mandatory objects specified in subsection (3), or
(b) each of those mandatory objects together with the optional object specified in subsection (3ZZA)."
(3) In subsection (3), in the words before paragraph (a), before "objects" insert "mandatory".
(4) After subsection (3) insert -
"(3ZZA) The optional object of a credit union is to carry on one or more of the financial activities specified in section 1ZA(1) for the benefit of the members of the society."
(5) In subsection (3ZA), for "subsection (3)" substitute "subsections (3) and (3ZZA)".
"1ZA Specified financial activities
(1) The financial activities specified for the purposes of the optional object of a credit union (see section 1(3ZZA)) are -
(a) entering
…