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Article 2 Credit unions registered at commencement

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Any unauthorised credit union is to be treated as having, at commencement, a Part IV permission to accept deposits by way of subscription for its shares.

(2)

The permission acquired by virtue of paragraph (1) is subject to any requirement imposed by virtue of article 5(1).