Operation of credit union Operation of credit union

England, Wales and Scotland

1. 7Shares.
2. 7APower to issue interest-bearing shares
3. 8General prohibition on deposit-taking.
4. 9Deposits by persons too young to be members.
5. 9APower to charge for ancillary services
6. 10Power to borrow money.
7. 11Loans.
8. 11ALoans to be treated as secured
9. 11B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10. 11C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11. 11D. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12. 11EConditional sale and hire purchase agreements
13. 11FAgreements to be treated as secured
14. 11GInsurance distribution activities
15. 12Power to hold land for limited purposes.
16. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17. 14Computation and application of profits.