Credit Unions Act 1979

31 Interpretation, etc.E+W+S

(1)In this Act—

  • [F1 “ the 2014 Act ” means the Co-operative and Community Benefit Societies Act 2014;]

  • F2. . .

  • [F3“body corporate” includes a partnership regarded as a legal person under the law of the country or territory in which it was established;]

  • “charitable", in the application of this Act to Scotland, shall be construed in the same way as in the Income Tax Acts;

  • [F4 “ civil partner ” includes former civil partner [F5 and reputed civil partner ];]

  • [F6“conditional sale agreement” means an agreement for the sale of goods under which—

    (a)

    the purchase price or part of it is payable by instalments, and

    (b)

    the property in the goods is to remain with the seller (notwithstanding that the buyer is to be in possession of the goods) until such conditions as to the payment of instalments or otherwise as may be specified in the agreement are fulfilled;]

  • [F7“corporate member”, in relation to a credit union, has the meaning assigned to it by section 5A above;]

  • “credit union”, except in the expression “Northern Ireland credit union", means a society registered under [F8 the 2014 Act ] by virtue of section 1 above;

  • [F6“enactment” includes—

    (a)

    an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978;

    (b)

    an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament;

    (c)

    an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978;

    (d)

    an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales;]

  • [F6“hire purchase agreement” means an agreement—

    (a)

    which is not a conditional sale agreement,

    (b)

    under which goods are bailed or (in Scotland) hired to a person (“P”) in return for periodical payments by P, and

    (c)

    the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs—

    (i)

    the exercise by P of an option to purchase the goods;

    (ii)

    the doing by any party to the agreement of any other act specified in the agreement;

    (iii)

    the happening of any event specified in the agreement;]

  • [F9“interest-bearing share” has the meaning assigned to it by section 7A(6) above;]

  • “the 1965 Act” means the Industrial 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;

  • F10...

  • [F11“partnership” means a partnership not regarded as a legal person under the law of the country or territory in which it was established;]

  • “relative”, in relation to any person, means any of the following—

    (a)

    his spouse [F12 or civil partner ];

    (b)

    any lineal ancestor, lineal descendant, brother, sister, aunt, uncle, nephew, niece or first cousin of his or his spouse [F12 or civil partner]; and

    (c)

    the spouse [F12 or civil partner ] 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 [F13 the legitimate child of the relationship in question ];

  • “spouse” includes former spouse and reputed spouse; and

  • F14. . .

[F15(1A)In this Act, references to a deposit or accepting deposits must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

[F16(1B)In this Act, “insurance distribution activity” means any of the following activities—

(a)dealing in rights under a contract of insurance as agent;

(b)arranging deals in rights under a contract of insurance;

(c)assisting in the administration and performance of a contract of insurance;

(d)advising on buying or selling rights under a contract of insurance;

(e)agreeing to do any of the activities specified in paragraphs (a) to (d).

(1C)Subsection (1B) must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

(2)[F17 Sections 141, 143 to 146, 148 and 149 of the 2014 Act] (supplementary provisions as to recovery of costs, fees, regulations, documents F18. . . 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 [F19 the 2014 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 [F20 sections 22, 24, 26, 27, 32, 33 and 34 and paragraph 6 of Schedule 3.]

[F21(4)[F22 The following provisions of the 2014 Act ] F23... do not apply to credit unions] [F24—

(a)section 67(1) (society with withdrawable share capital not to carry on the business of banking);

F25(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)section 81 (duty to display latest balance sheet);

F26(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(e)section 90 (duty to provide copy of annual return).]

Textual Amendments

F2Definition of “authorised bank” in s. 31(1) omitted (2.7.2002) by virtue of S.I. 2002/1501, arts. 1(1), 2(20)(a)(i)

F14Definition of “statutory maximum” in s. 31(1) repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1 Pt. XIV.

F15S. 31(1A) substituted (2.7.2002) by S.I. 2002/1501, arts. 1(1), 2(20)(b)

F21S. 31(4) inserted (2.7.2002) by S.I. 2002/1501, arts. 1(1), 2(20)(c)

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