Section 1B Further requirements where common bond relates to localityF1
The requirements of this section must be met where—
the rules of a society provide for one or more common bonds involving a connection with a locality, or
the rules of a society provide for one or more common bonds of such other description as may be specified.
The requirements are—
that the conditions in subsection (3) are met, or
that extraordinary circumstances exist justifying registration of the society as a credit union.
The conditions are—
that the number of potential members of the society does not exceed two million or such higher figure as may be specified; and
that it is reasonably practicable for every potential member to participate in votes of the society, serve on the society’s committee and have access to all the services offered by the society.
The F2FCA may accept as sufficient evidence that the conditions in subsection (3) are met a statutory declaration to that effect given by three members and the secretary of the society.
In this section “specified” means specified by order made by the Treasury.
Annotations
Textual amendments
- F1
Ss. 1A, 1B inserted (8.1.2012) by The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 13 (with arts. 24, 25, 26)
- F2
Word in s. 1B(4) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 4 (with Sch. 12)