Co-operative and Community Benefit Societies Act 2014

10 (1) Section 20 (cancellation or suspension of registration etc) is amended as follows. E+W+S

(2) For subsections (1) and (1A) substitute—

“(1) Section 5 of the 2014 Act (grounds for cancellation of registration) applies in relation to a credit union as if it were modified as specified in subsections (1ZA) to (1ZD).

(1ZA) Subsection (1) applies as if for “any of conditions A to E” there were substituted “ any of conditions A to F ”.

(1ZB) Subsection (4)(b) (condition C) applies as if after “this Act” there were inserted “ or the Credit Unions Act 1979 ”.

(1ZC) The section applies as if for subsection (5) (condition D) there were substituted—

“(5) Condition D is that it appears to the FCA that the credit union's rules provide for one or more common bonds involving a connection with a locality and the requirements of section 1B of the Credit Unions Act 1979 are no longer met.”

(1ZD) The section applies as if after subsection (6) there were inserted—

“(7) Condition F is that the credit union's permission under Part 4A of the Financial Services and Markets Act 2000 has been cancelled or the credit union has received a warning notice under section 55Z of that Act.””

(3) In subsection (1B) for “under section 16 of the 1965 Act by virtue of subsection (1A)” substitute “ by virtue of condition F in section 5 of the 2014 Act ”.

(4) For subsections (1C) and (1D) substitute—

“(1C) Section 7 of the 2014 Act (cancellation of registration: additional procedure in certain cases) applies in relation to credit unions as if references to condition D included condition F.

(1D) Section 9 of the 2014 Act (appeals) applies in relation to credit unions as if the reference to condition D included condition F (accordingly, no appeal may be made against a decision to cancel a credit union's registration on the ground that condition F is met).”

(5) In subsection (1E) for “by virtue of subsection (1A)” substitute “ by virtue of condition F in section 5 of the 2014 Act ”.

(6) In subsection (2)(b) for “the Industrial and Provident Societies Acts 1965 to 1978” substitute “ the 2014 Act ”.