Introductory Text
Introductory
1.Title and commencement
2.Interpretation
2A.The registrar and assistant registrar
Registration as a credit union
3.Registration
3A.Common bonds: corporate members
4.Supplementary provisions as to registration
5.Registration to effect incorporation of credit union with limited liability
6.Use of name “ credit union ”, etc.
7.Change of name
Rules
8.Rules
9.Supplementary provisions as to rules
10.Amendment or registered rules
11.Rules to bind members
12.Provision of copies of rules
Membership of credit union
13.Minimum number of members
14.Membership and voting rights
14A.Corporate members
15.Members under the age of 18
16.Remedy for debts from members
17.Nomination to property in credit union
18.Proceedings on death of nominator
19.Provision for small payments on death
20.Payments in respect of mentally incapable persons
21.Validity of payment to persons apparently entitled
Operation of credit union
22.Restriction on business of credit union
23.Shares
23A.Power to issue interest-bearing shares
23B.Duties where interest-bearing shares have been issued
24.Prohibition on carrying on banking
25.Prohibition on deposit-taking
26.Deposits by persons too young to be members
27.Power to borrow money
28.Loans by credit unions
28A.Loans to be treated as secured
28B.Loans by approved credit unions
28C.Grant of certificates of approval
28D.Withdrawal of certificates of approval
29.Promissory notes and bills of exchange
30.Contracts
31.Charges on assets of credit unions
32.Holding of land
33.Investments
34.Discharge of mortgages
35.Receipt on payment of money secured to a credit union
36.Application of surplus
37.Insurance against fraud or other dishonesty
38.Guarantee funds
39.Prohibition on undischarged bankrupts and other persons
Accounts, etc.
40.Books of account, etc.
41.Form in which books of account may be kept
42.Accounts and balance sheets
43.Obligation to appoint auditors
44.Re-appointment and removal of qualified auditors
45.Resolutions relating to appointment and removal of auditors
46.Qualified auditors
47.Auditors' report, right of access and to be heard
48.Remuneration of qualified auditors
49.Annual returns
50.Display of latest balance sheet
Officers, receivers, etc.
51.Security by officers
52.Duty of officers to account
53.Duties of receiver or manager of credit union's property
Registers, books, etc.
54.Register of members and officers
55.Restriction on inspection of books
56.Inspection of books by order of FCA
57.Production of documents and provision of information
Suspension of credit union, etc.
58.Appointment of inspectors and calling of special meetings
59.Suspension of credit union's operations
60.Cancellation of registration
61.Suspension of registration
62.Appeals
63.Petition for winding-up
Amalgamations and transfers of engagements
64.Restrictions on amalgamations and transfers of engagements
65.Amalgamation of credit unions
66.Transfer of engagements between credit unions
67.Saving for rights of creditors
Dissolution of credit union
68.Dissolution of credit union
69.Liability of members in winding-up
70.Instrument of dissolution
71.Restriction on dissolution or cancellation of registration of credit union
Disputes, offences and legal proceedings
72.Decision of disputes
73.Offences by credit unions
74.Fraud or misappropriation
75.Falsification
76.Prosecution of offences
77.Recovery of costs, etc.
Miscellaneous and general
78.Regulations and orders
78A.Incidental, transitional, etc. provision
79.Fees
80.Form, deposit and evidence of documents
80A.Form etc of electronic documents
80B.Power of FCA or PRA to impose requirements as to form etc of electronic documents
80C.Fees for inspection and copying of documents
81.Annual reports by registrar
82.Great Britain credit unions
83.Savings, amendments and repeals
SCHEDULES
SCHEDULE 1
MATTERS TO BE PROVIDED FOR IN RULES OF CREDIT UNION
1.The name of the credit union, which shall comply with Article 6(1) and (2).
2.The objects of the credit union which shall comply with Article 3(3).
3.The place which is to be the registered office of the credit union to which...
4.The qualifications required for, and the terms of, admission to membership of the credit union,...
5.The mode of holding meetings, including provisions as to the quorum necessary for the transaction...
6.The appointment and removal of board of directors and functional committees, by whatever name, and...
7.Determination ( subject to Article 14A(6) and to any applicable rules made by each of...
8.Provision for the mode of withdrawal of shares and for payment of the balance due...
9.The mode and circumstances in which loans to members are to be made and repaid,...
10.Provision for the custody and use of the credit union's seal.
11.Provision for the audit of accounts by one or more auditors appointed by the credit...
11A.Provision— (a) setting out the conditions which must be met for the transfer of shares...
12.Provision for the withdrawal of members from the credit union and for the claims of...
13.Provision for— (a) terminating the membership of corporate members in order to comply with the...
13A.If the issue of interest-bearing shares is permitted, provision for the conversion of such shares...
14.Provision for the dissolution of the credit union, including provision requiring any assets remaining after...
SCHEDULE 2
FORM OF RECEIPT ON MORTGAGE, ETC.
The Limited hereby acknowledges that it has this day of 19
The Limited hereby acknowledges that it has this day of 19
received the sum of £ , representing all money intended to be secured by the...
received the sum of £ , representing all money intended to be secured by the...
[annexed] deed [and by a further charge dated, etc. , or otherwise as required].
[annexed] deed [and by a further charge dated, etc. , or otherwise as required].
) Board of Directors
) Board of Directors
Secretary
Secretary
SCHEDULE 3
(1) Not less than 14 days before giving a direction, the registrar shall serve on...
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1.Not less than 14 days before giving a direction, the registrar shall serve on the...
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2.The registrar shall consider any representations with respect to the notice which may be made...
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3.(1) On giving such a direction the registrar shall serve the direction on the credit...
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4.Failure to serve a notice under this Schedule on a member of the board of...
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5.Notice of the giving of a direction shall be published by the registrar in the...
SCHEDULE 4
SAVINGS
1.Where immediately before the date of the commencement of this Order a credit union with...
2.. . . . . . . . . . . . . . ....
3.The provisions of this Schedule shall have effect without prejudice to section 29 of the...
Schedule 5—Amendments
Schedule 6—Repeals