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Credit Unions Act 1979

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This is the original version (as it was originally enacted).

16Guarantee funds

(1)Subject to the provisions of this section, a credit union, or any two or more credit unions, may enter into arrangements with a person carrying on the business of insurance for the purpose of making funds available to meet losses incurred by members of a credit union which is a party to the arrangements ; and any two or more credit unions may enter into any other kind of arrangements for that purpose.

(2)Subject to subsection (3) below, a credit union shall have power to make contributions under arrangements made in accordance with subsection (1) above, and such arrangements may in particular provide for the vesting of a fund in trustees appointed under the arrangements.

(3)Arrangements under subsection (1) above shall not come into force and no contribution shall be made thereunder by a credit union, until they have been approved by the appropriate registrar; and the appropriate registrar shall not approve any such arrangements unless they provide that any variation of their terms shall also require his approval.

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