40Credit unionsU.K.
This section has no associated Explanatory Notes
(1)If a credit union—
(a)makes loans to its members, or
(b)invests its surplus funds (by placing them on deposit or otherwise),
that is not treated, in calculating the credit union's income, as the carrying on of a trade or part of a trade.
(2)In this section “surplus funds” means funds not immediately required for the credit union's purposes.