(1)A credit union may display at its registered office, but only at that office, an interim revenue account or balance sheet which has not been audited, provided that—
(a)the latest audited revenue account and balance sheet are displayed side by side with the interim revenue account or balance sheet; and
(b)the interim revenue account or balance sheet so displayed is marked in clearly legible characters and in a prominent position with the words “UNAUDITED REVENUE ACCOUNT" or, as the case may be, “UNAUDITED BALANCE SHEET".
(2)Paragraphs (a) and (b) of subsection (5) of section 3 of the M1Friendly and Industrial and Provident Societies Act 1968 (requirements as to audit) shall not apply in relation to any such interim revenue account or balance sheet as is referred to in subsection (1) above and section 39(1) of the 1965 Act (annual returns) shall not apply to any such interim balance sheet.
Marginal Citations
Textual Amendments
A credit union shall not have any subsidiary within the meaning of section 15 of the M2Friendly and Industrial and Provident Societies Act 1968.
Marginal Citations
A person who is an undischarged bankrupt or who has been convicted on indictment of any offence involving fraud or dishonesty shall not—
(a)sign an application form for registration of a credit union; or
(b)act as a member of the committee of a credit union; or
(c)directly or indirectly take part in or be concerned in the management of a credit union; or
(d)permit his name to be put forward for election or appointment to any office in a credit union;
and where a person holding any office in a credit union becomes ineligible by virtue of this section to hold that office, he shall forthwith cease to hold that office.
(1)Subject to subsections (2) and (3) below, in sections 61 to 66 and section 68 of the 1965 Act (general provisions as to offences by registered societies, their officers and others) as they apply to credit unions references to the 1965 Act shall include references to this Act.
(2)Section 63 of the 1965 Act (continuing act or default to constitute a new offence every week) shall not apply to an offence under section 12(5) above.
(3)Without prejudice to the operation of subsection (1) above in relation to offences under the 1965 Act committed by or in relation to a credit union, section 66(2) of that Act (extension of time limit for summary prosecutions in certain cases) shall not apply to proceedings for an offence under this Act.
(4)Where under section 62 of the 1965 Act (offences by registered societies to be also offences by officers, etc.) as it applies by virtue of subsection (1) above an individual is convicted on indictment of an offence under this Act, he shall be liable not only to a fine but, in the alternative or in addition, to imprisonment for a term not exceeding two years.
(5)Where an offence under this Act which has been committed by a body corporate other than a registered society is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any director, manager, secretary or similar officer of the body corporate, or any person who was purporting to act in any such capacity, he as well as the body corporate shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
(6)In any proceedings for an offence under this Act it shall be a defence for the person charged to prove that he took all reasonable precautions and exercised all due diligence to avoid the commission of such an offence by himself or any person under his control.
(1)Any power to make an order conferred on the chief registrar by any provision of this Act, except Schedule 3 to this Act, shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(2)The M3Statutory Instruments Act 1946 shall apply to orders made by the chief registrar in the exercise of any power to which subsection (1) above applies notwithstanding that he is not a Minister of the Crown.
Marginal Citations
(1)There shall be paid out of moneys provided by Parliament any increase attributable to this Act in the administrative expenses of the chief registrar and any assistant registrar.
(2)Any fees received by the chief registrar or any assistant registrar by virtue of this Act shall be paid into the Consolidated Fund.
(1)In this Act—
“authorised bank” means—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
“charitable", in the application of this Act to Scotland, shall be construed in the same way as in the Income Tax Acts;
“credit union”, except in the expression “Northern Ireland credit union", means a society registered under the 1965 Act by virtue of section 1 above;
“the 1965 Act” means the M4Industrial and Provident Societies Act 1965;
“non-qualifying member”, in relation to a credit union, has the meaning assigned to it by sections 5(5) and 21(4) above;
“relative”, in relation to any person, means any of the following—
his spouse;
any lineal ancestor, lineal descendant, brother, sister, aunt, uncle, nephew, niece or first cousin of his or his spouse; and
the spouse of any relative within paragraph (b) above;
and for the purpose of deducing any such relationship an illegitimate child or step-child shall be treated as a child born in wedlock;
“spouse” includes former spouse and reputed spouse; and
“statutory maximum”, in relation to a fine on summary convictn, means—
(which in each case was at the passing of this Act £1,000).
(2)Section 67 and sections 70 to 74 of the 1965 Act (supplementary provisions as to recovery of costs, fees, regulations, documents, meaning of “chief registrar", etc. and general interpretation provisions) shall apply for the purposes of this Act as they apply for the purposes of that Act.
(3)In its application to credit unions the 1965 Act shall have effect subject to the provisions of this Act and with the omission of the following provisions (which are replaced by, or are inconsistent with, provisions of this Act), that is to say sections 6, 12, 19, 21, 30 and 31.
Textual Amendments
F2Para.(a) in the definition of “authorised bank" substituted by Banking Act 1987 (c. 22, SIF 10), s. 108(1), Sch. 6 para. 7(2)
F3S. 31(1)(b) repealed by Trustee Savings Banks Act 1985 (c. 58, SIF 110), ss. 4(3), 7(3), Sch. 4 (by S.I. 1986/1223, which commenced the repeal on 21.7.1986, the extent of the repeal was stated as “section 31(1)(b) in the definition of “authorised bank"")
F4Words repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(1), (2), Sch. 6 para. 7(2), Sch. 7 Pt. I
F5Words substituted by Magistrates' Courts Act 1980 (c. 43, SIF 82), Sch. 7 para. 183
Modifications etc. (not altering text)
C1S. 31(1) extended (1.1.1993) by S.I. 1992/3218, reg. 82(1), Sch. 10 Pt. I para.9.
Marginal Citations
(1)The Treasury may make reciprocal arrangements with the Department of Commerce for Northern Ireland or such other authority as may be specified for the purposes of this subsection by any Measure of the Northern Ireland Assembly with a view to securing that, on or after the commencement of this Act,—
(a)the law applicable in England and Wales to credit unions registered at the central office and the law applicable in Scotland to credit unions registered by the assistant registrar for Scotland may be applied, in such cases and subject to such modifications as may be provided in the arrangements, to Northern Ireland credit unions; and
(b)the law applicable in Northern Ireland to Northern Ireland credit unions may be applied, in such cases and subject to such modifications as may be provided in the arrangements, to credit unions registered at the central office or by the assistant registrar for Scotland;
and section 76 of the 1965 Act (which enables societies registered in Northern Ireland to be treated for certain purposes as if they were registered under that Act) shall not apply to Northern Ireland credit unions.
(2)The Treasury may by regulations under section 71 of the 1965 Act make provision for giving effect to any arrangements made under subsection (1) above, and such regulations may in particular—
(a)confer rights and obligations (appropriate to credit unions) under this Act and the Industrial and Provident Societies Acts 1965 to 1978 on Northern Ireland credit unions in such circumstances as may be specified in the regulations;
(b)confer functions on the chief registrar, the central office and the assistant registrar for Scotland in relation to Northern Ireland credit unions; and
(c)make such modifications of this Act, the Industrial and Provident Societies Acts 1965 to 1978 and the M6Government of Ireland (Companies, Societies, etc.) Order 1922 as appear to the Treasury to be expedient to give effect to the arrangements.
(3)In this section “Northern Ireland credit union” means a society registered as a credit union under the law of Northern Ireland.
(4)An Order in Council made under paragraph 1(1)(b) of Schedule 1 to the M7Northern Ireland Act 1974 which contains a statement that its purposes correspond to those of this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament instead of the Order, or a draft of the Order, being subject to the procedure set out in paragraph 1(4) or (5) of that Schedule.
(1)This Act may be cited as the Credit Unions Act 1979.
(2)This section and section 32 above shall come into operation on the passing of this Act and the other provisions of this Act shall come into operation on such day as the Treasury may appoint by order made by statutory instrument; and different days may be so appointed for different provisions.
(3)Any reference in this Act to the commencement of any provision of this Act shall be construed as a reference to the day appointed under this section for the coming into operation of that provision.
(4)With the exception of section 25 and section 32(4) above, this Act does not extend to Northern Ireland.
Modifications etc. (not altering text)
C2Power of appointment conferred by s. 33(2) partly exercised: S.I. 1979/936 and 1980/481