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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
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AI Summary of 1B Further requirements where common bond relates to locality

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 6 April 2018 - onwards
Version 3 of 3

1B Further requirements where common bond relates to locality

(1) The requirements of this section must be met where -

(a) the rules of a society provide for one or more common bonds involving a connection with a locality, or

(b) the rules of a society provide for one or more common bonds of such other description as may be specified.

(2) The requirements are -

(a) that the conditions in subsection (3) are met, or

(b) that extraordinary circumstances exist justifying registration of the society as a credit union.

(3) The conditions are -

(a) that the number of potential members of the society does not exceed three million or such higher figure as may be specified; and

(b) that it is reasonably practicable for every potential member to participate in votes of the society, serve on the society's committee and have access to all the services offered by the society.

(4) The FCA may accept as sufficient evidence that the conditions in subsection (3) are met a statutory declaration to that effect given by three members and the secretary of the society.

(5) In this section "specified" means specified by order made by the Treasury. 

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