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Credit Unions Act 1979

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  1. Introductory Text

  2. Registration as a credit union

    1. 1. Registration .

    2. 1A.Common bonds appropriate to a credit union

    3. 1B.Further requirements where common bond relates to locality

    4. 2. Supplementary and transitional provisions as to registration.

    5. 3. Use of name “credit union", etc.

  3. Rules and membership

    1. 4. Rules.

    2. 5. Membership and voting rights.

    3. 5A.Corporate members

    4. 6. Minimum and maximum number of members.

  4. Operation of credit union

    1. 7. Shares.

    2. 7A.Power to issue interest-bearing shares

    3. 8. General prohibition on deposit-taking.

    4. 9. Deposits by persons too young to be members.

    5. 9A.Power to charge for ancillary services

    6. 10. Power to borrow money.

    7. 11. Loans.

    8. 11A. Loans to be treated as secured

    9. 11B. Loans by approved credit unions

    10. 11C. Grant of certificates of approval

    11. 11D. Withdrawal of certificates of approval

    12. 12. Power to hold land for limited purposes.

    13. 13. Investments.

    14. 14. Computation and application of profits.

  5. Insurance and other arrangements

    1. 15. Insurance against fraud or other dishonesty.

    2. 16. Guarantee funds.

  6. Powers of FCA and PRA

    1. 17. Power to require information.

    2. 17A. Section 17: recovery of FCA ’s and PRA ’s costs

    3. 18. Power to appoint inspector and call meeting.

    4. 19. Power to suspend operations of credit union.

    5. 20. Cancellation or suspension of registration and petition for winding up.

  7. Amalgamations, transfers of engagements and conversions

    1. 21. Amalgamations and transfers of engagements.

    2. 22. No conversion of credit union into company, etc.

    3. 23. Conversion of company into credit union.

  8. General and miscellaneous

    1. 23A.Power to make provision corresponding to provision applying to building societies

    2. 24. Modifications of requirements as to audit of accounts.

    3. 25.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 26. Prohibition on subsidiaries.

    5. 27. Prohibition on undischarged bankrupts and other persons.

    6. 28. Provisions as to offences.

    7. 29. Orders and regulations.

    8. 30. Expenses and fees.

    9. 31. Interpretation, etc.

    10. 31A.(1) In this Act, references to deferred shares are to...

    11. 32. Northern Ireland.

    12. 33. Short title, commencement and extent.

  9. SCHEDULES

    1. SCHEDULE 1

      Matters to be Provided For in Rules of Credit Union

      1. 1.The name of the society, which shall comply with section...

      2. 2.The objects of the society.

      3. 3.The place which is to be the registered office of...

      4. 4.The qualifications for admission to membership of the society, including...

      5. 4A.The terms of admission to membership of the society, including...

      6. 5.The mode of holding meetings, including provision as to the...

      7. 6.The appointment and removal of a committee, by whatever name,...

      8. 7.Determination (subject to any applicable rules made by the FCA...

      9. 8.Provision for the mode of withdrawal of shares and for...

      10. 9.The mode and circumstances in which loans to members are...

      11. 10.Provision for the custody and use of the society’s seal....

      12. 11.Provision for the audit of accounts in accordance with Part...

      13. 12.Provision for the withdrawal of members from the society and...

      14. 13.Provision for— (a) terminating the membership of corporate members in...

      15. 13A.If the issue of interest-bearing shares is permitted, provision for...

      16. 14.Provision for the dissolution of the society, including provision requiring...

    2. SCHEDULE 2

      Procedure in Relation to Directions Under Section 19

      1. 1.Not less than fourteen days before giving a direction, the...

      2. 2.The Authority shall consider any representations with respect to the...

      3. 3.(1) On giving such a direction the Authority shall serve...

      4. 4.A notice under this Schedule may be served on a...

      5. 5.Failure to serve a notice under this Schedule on a...

      6. 6.Notice of the giving of a direction shall be published...

    3. SCHEDULE 3.

      . . .

      1. Powers of chief registrar

        1. 1.(1) The chief registrar may, by order made with the...

      2. Duration of powers

        1. 2.(1) When it appears to the Treasury that, the relevant...

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