Better Regulation logo
Table of Contents

Table of Contents

Expand all headings Collapse all headings Expand side bar Collapse side bar
Credit Unions Act 1979 (c. 34)Introductory TextRegistration as a credit union (ss. 1-3)1 Registration1ZA Specified financial activities1ZB Power to specify further financial activities1A Common bonds appropriate to a credit union1B Further requirements where common bond relates to locality2 Supplementary and transitional provisions as to registration3 Use of name "credit union", etc.Rules and membership (ss. 4-6)4 Rules5 Membership and voting rights5A Corporate members6 Minimum and maximum number of membersOperation of credit union (ss. 7-14)7 Shares7A Power to issue interest-bearing shares8 General prohibition on deposit-taking9 Deposits by persons too young to be members9A Power to charge for ancillary services10 Power to borrow money11 Loans11A Loans to be treated as secured11B Loans by approved credit unions11C Grant of certificates of approval11D Withdrawal of certificates of approval11E Conditional sale and hire purchase agreements11F Agreements to be treated as secured11G Insurance distribution activities12 Power to hold land for limited purposes13 Investments14 Computation and application of profitsInsurance and other arrangements (ss. 15-16)15 Insurance against fraud or other dishonesty16 Guarantee fundsPowers of FCA and PRA (ss. 17-20)17 Powers of FCA and PRA to obtain information for certain purposes17A Section 17: recovery of FCA's and PRA's costs18 Power to appoint inspector and call meeting19 Power to suspend operations of credit union20 Cancellation or suspension of registration and petition for winding upAmalgamations, transfers of engagements and conversions (ss. 21-23)21 Amalgamations and transfers of engagements22 No conversion of credit union into company, etc.23 Conversion of company into credit unionGeneral and miscellaneous (ss. 23A-33)23A Power to make provision corresponding to provision applying to building societies24 Modifications of requirements as to audit of accounts25 Taxation26 Prohibition on subsidiaries27 Prohibition on undischarged bankrupts and other persons28 Provisions as to offences29 Orders and regulations30 Expenses and fees31 Interpretation, etc.31A32 Northern Ireland33 Short title, commencement and extentSchedulesSchedule 1 - Matters to be Provided For in Rules of Credit UnionSchedule 2 - Procedure in Relation to Directions UnderSchedule 3 - Temporary Powers to Designate Authorised Banks
Page Overview
Document Overview
Tools
Set a date to view the document
Text comparison options
Full text - Date 1 vs Date 2
Amendments requiring commencement - Current text vs Text requiring commencement
Draft proposed changes - Current text vs Text proposed by drafting documents
Recently generated comparisons
None generated
Print / Export options
Current page
Whole document
Selected pages
Consolidated PDF of the entire document as of 14th June 2026
Export
Export line by line
Export provision to provision
Report template
Create report template
Alert me to changes
Manage alerts
Bookmarks
This page
This document
Manage bookmarks
Search within this document
View previous searches
Share
Get page link
Share via email application

AI Summary of 6 Minimum and maximum number of members

PreviousNext
Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2014 - onwards
Version 9 of 9

6 Minimum and maximum number of members

(1) The minimum number of members of a credit union shall be twenty-one.

(1A) Accordingly, references in the following provisions to 3 members are to be read as 21 members -

(a) section 3(1)(a)(i) of the 2014 Act as it applies to an application for registration as a credit union;

(b) section 5(3)(b) of that Act as it applies to the cancellation of a credit union's registration;

(c) section 115(2) as it applies to the conversion of a company into a credit union.

(2) [deleted]

(3) [deleted]

(4) [deleted]

(5)[deleted]

(6) [deleted]

PreviousNext