Credit Unions Act 1979
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 24 other Schedules — structural / supplementary
Provision for the custody and use of the society’s seal....
Provision for the audit of accounts in accordance with Part...
Provision for the withdrawal of members from the society and...
Provision for— (a) terminating the membership of corporate members in...
If the issue of interest-bearing shares is permitted, provision for...
Provision for the dissolution of the society, including provision requiring...
The objects of the society.
The place which is to be the registered office of...
The qualifications for admission to membership of the society, including...
The terms of admission to membership of the society, including...
The mode of holding meetings, including provision as to the...
The appointment and removal of a committee, by whatever name,...
Determination (subject to any applicable rules made by the FCA...
Provision for the mode of withdrawal of shares and for...
The mode and circumstances in which loans to members or...
Not less than fourteen days before giving a direction, the...
The Authority shall consider any representations with respect to the...
(1) On giving such a direction the Authority shall serve...
A notice under this Schedule may be served on a...
Failure to serve a notice under this Schedule on a...
Notice of the giving of a direction shall be published...
(1) The chief registrar may, by order made with the...
(1) When it appears to the Treasury that, the relevant...
Browse 50 other sections — procedural / definitional / commencement
Registration.
Common bonds appropriate to a credit union
Further requirements where common bond relates to locality
Specified financial activities
Power to specify further financial activities
Supplementary and transitional provisions as to registration.
Use of name “credit union", etc.
Rules.
Membership and voting rights.
Corporate members
Minimum and maximum number of members.
Shares.
Power to issue interest-bearing shares
General prohibition on deposit-taking.
Deposits by persons too young to be members.
Power to charge for ancillary services
Power to borrow money.
Loans.
Loans to be treated as secured
Loans by approved credit unions
Grant of certificates of approval
Withdrawal of certificates of approval
Conditional sale and hire purchase agreements
Agreements to be treated as secured
Insurance distribution activities
Power to hold land for limited purposes.
Investments.
Computation and application of profits.
Insurance against fraud or other dishonesty.
Guarantee funds.
Power to require information.
Section 17: recovery of FCA ’s and PRA ’s costs
Power to appoint inspector and call meeting.
Power to suspend operations of credit union.
Cancellation or suspension of registration and petition for winding up.
Amalgamations and transfers of engagements.
No conversion of credit union into company,
Conversion of company into credit union.
Power to make provision corresponding to provision applying to building societies
Modifications of requirements as to audit of accounts.
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Prohibition on subsidiaries.
Prohibition on undischarged bankrupts and other persons.
Provisions as to offences.
Orders and regulations.
Expenses and fees.
Interpretation, etc.
(1) In this Act, references to deferred shares are to...
Northern Ireland.
Short title, commencement and extent.
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Connected legislation
1 statutory instrument
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (1)
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Regulators
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