Statutory Instruments
2017 No. 1144
Credit Unions
The Credit Unions Act 1979 (Locality Common Bond Conditions) Order 2017
Made
23rd November 2017
Laid before Parliament
27th November 2017
Coming into force
6th April 2018
The Treasury in exercise of the powers conferred by section 1B(3)(a) and (5) of the Credit Unions Act 1979(1) make the following Order.
Citation and commencement
1. This Order may be cited as the Credit Unions Act 1979 (Locality Common Bond Conditions) Order 2017 and comes into force on 6th April 2018.
Amendment to the Credit Unions Act 1979
2. For the purpose of section 1B(3)(a) (further requirements where common bond relates to locality) the specified figure for the maximum number of potential members of the society is three million.
Heather Wheeler
Mark Spencer
Two of the Lords Commissioners of Her Majesty’s Treasury
23rd November 2017
EXPLANATORY NOTE
(This note is not part of the Order)
This Order increases from two to three million the maximum number of potential members of a credit union under section 1(B)(3)(a) of the Credit Unions Act 1979 (c.34) where the common bond for qualification for membership relates to locality.
1979 c. 34; section 1B was inserted by S.I. 2011/2687.