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Credit Unions Act 1979

1979 c. 34 · Enacted 4 April 1979 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 29 August 2023.

An Act to enable certain societies in Great Britain to be registered under the Industrial and Provident Societies Act 1965 as credit unions; to make further provision with respect to societies so registered; to make provision with respect to the taxation of societies so registered and of Northern Ireland credit unions; to enable reciprocal arrangements to be made in relation to Northern Ireland credit unions; to facilitate the amendment of the Industrial and Provident Societies Act (Northern Ireland) 1969; and for connected purposes.

[4th April 1979]C1C2C3

Annotations to the whole text

Modifications

C1

Act extended by Trustee Savings Banks Act 1985 (c. 58, SIF 110), s. 3, Sch. 1 Pt. III para. 11(2)(c)(3)

Act: power to transfer functions conferred (25.2.2001) by 2000 c. 8, ss. 338(1)(f), 339; S.I. 2001/516, art. 2(a), Sch. Pt. I

C2

Act: power to amend conferred (17.2.2009 for specified purposes, 21.2.2009 in so far as not already in force) by Banking Act 2009 (c. 1), ss. 159, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3

C3

Act: power to amend conferred (24.1.2013) by Financial Services Act 2012 (c. 21), ss. 50(2)(f), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(a), Sch. Pt. 1

Contents

  1. Registration as a credit union
  2. 1Registration.
  3. 1ZASpecified financial activities
  4. 1ZBPower to specify further financial activities
  5. 1ACommon bonds appropriate to a credit union
  6. 1BFurther requirements where common bond relates to locality
  7. 2Supplementary and transitional provisions as to registration.
  8. 3Use of name “credit union", etc.
  9. Rules and membership
  10. 4Rules.
  11. 5Membership and voting rights.
  12. 5ACorporate members
  13. 6Minimum and maximum number of members.
  14. Operation of credit union
  15. 7Shares.
  16. 7APower to issue interest-bearing shares
  17. 8General prohibition on deposit-taking.
  18. 9Deposits by persons too young to be members.
  19. 9APower to charge for ancillary services
  20. 10Power to borrow money.
  21. 11Loans.
  22. 11ALoans to be treated as secured
  23. 11B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  24. 11C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  25. 11D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. 11EConditional sale and hire purchase agreements
  27. 11FAgreements to be treated as secured
  28. 11GInsurance distribution activities
  29. 12Power to hold land for limited purposes.
  30. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. 14Computation and application of profits.
  32. Insurance and other arrangements
  33. 15Insurance against fraud or other dishonesty. Repealed
  34. 16Guarantee funds.
  35. Powers of FCA and PRA
  36. 17Power to require information.
  37. 17ASection 17: recovery of FCA ’s and PRA ’s costs
  38. 18Power to appoint inspector and call meeting.
  39. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  40. 20Cancellation or suspension of registration and petition for winding up.
  41. Amalgamations, transfers of engagements and conversions
  42. 21Amalgamations and transfers of engagements.
  43. 22No conversion of credit union into company, etc.
  44. 23Conversion of company into credit union.
  45. General and miscellaneous
  46. 23APower to make provision corresponding to provision applying to building societies
  47. 24Modifications of requirements as to audit of accounts. Repealed
  48. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  49. 26Prohibition on subsidiaries.
  50. 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  51. 28Provisions as to offences.
  52. 29Orders and regulations.
  53. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  54. 31Interpretation, etc.
  55. 31ASection 31A
  56. 32Northern Ireland.
  57. 33Short title, commencement and extent.
  58. Schedule 1: Matters to be Provided For in Rules of Credit Union
  59. 1Paragraph 1
  60. 2Paragraph 2
  61. 3Paragraph 3
  62. 4Paragraph 4
  63. 4AParagraph 4A
  64. 5Paragraph 5
  65. 6Paragraph 6
  66. 7Paragraph 7
  67. 8Paragraph 8
  68. 9Paragraph 9
  69. 10Paragraph 10
  70. 11Paragraph 11
  71. 12Paragraph 12
  72. 13Paragraph 13
  73. 13AParagraph 13A
  74. 14Paragraph 14
  75. Schedule 2: Procedure in Relation to Directions Under Section 19
  76. 1Paragraph 1
  77. 2Paragraph 2
  78. 3Paragraph 3
  79. 4Paragraph 4
  80. 5Paragraph 5
  81. 6Paragraph 6
  82. Schedule 3.: . . .
  83. Powers of chief registrar
  84. 1Paragraph 1
  85. Duration of powers
  86. 2Paragraph 2