Statutory Instrument 1993 No. 3100

The Credit Unions (Authorised Investments) Order 1993

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© Crown Copyright 1993

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1993 No. 3100

INDUSTRIAL AND PROVIDENT SOCIETIES

The Credit Unions (Authorised Investments) Order 1993

The Chief Registrar of Friendly Societies, with the consent of the Treasury, in exercise of the power conferred on her by section 13(1) of the Credit Unions Act 1979^[1] and of all other powers enabling her in that behalf, hereby makes the following Order:

    1.    This Order may be cited as the Credit Unions (Authorised Investments) Order 1993 and shall come into force on 31st December 1993.

    2.    In this Order, "the 1979 Order" means the Credit Unions (Authorised Investments) Order 1979^[2].

    3.    The 1979 Order is hereby revoked.

    4.—(1)  A credit union is authorised to invest any part of its surplus funds in any investment specified in Part I of the Schedule to this Order.

    (2)  The definitions in Part II of the Schedule to this Order have effect in respect of the interpretation of that Schedule.

    5.—(1)  A credit union which —
 (a) has invested all or any part of its surplus funds in any investment authorised by the 1979 Order but which is not authorised by this Order,
 (b) invested in such an investment before 31st December 1993, and
 (c) has held such an investment continuously since 31st December 1993, is authorised to continue to hold such an investment notwithstanding the revocation of the 1979 Order.

    (2)  In this Article, "investment" means a particular investment and not a class of investment.

Rosalind Gilmore

Chief Registrar of Friendly Societies

2nd December 1993
We consent to this Order

Timothy Kirkhope

Timothy Wood

Two of the Lords Commissioners of Her Majesty's Treasury

8th December 1993

[1] 1979 c. 34: section 31(2) applies the definition of "chief registrar" in section 73(1)(a) of the Industrial and Provident Societies Act 1965 (c. 12). back

[2] S.I.1979/866. back

Explanatory Note