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Credit Unions Act 1979

Consolidated Text As Enacted As Enacted Cited authorities 7 Cited in Amendments 271 Related
Vincent
JurisdictionUK Non-devolved
Citation1979 c. 34
Year1979
it is shown to the satisfaction of the F112FCA that the conditions specified in subsection (2) below are fulfilled;the society has at least 21 members;the rules of the society comply with section 4(1) below; the place which under those rules is to be the society’s registered office is situated in Great Britain; the FCA is satisfied that, once registered under F149 the 2014 Act (1ZA) See section 4 of the 2014 Act for the prohibition on registering a society with withdrawable share capital with the object of carrying on the business of banking.(1A) The PRA must notify the FCA if it is satisfied as mentioned in paragraph (f) of subsection (1) . if the FCA is the appropriate regulator (within the meaning of section 55A of the 2000 Act) , it proposes to give that society permission under Part 4A of the 2000 Act to accept deposits; if the PRA is the appropriate regulator (within the meaning of section 55A of the 2000 Act) , the PRA proposes to give that society permission under Part 4A of the 2000 Act to accept deposits. (1C) The PRA must notify the FCA if it proposes to give that society permission under Part 4A of the 2000 Act to accept deposits. (1D) that the objects of the society are those, and only those, of a credit union; andthat the requirements of section 1A (common bonds appropriate to a credit union) and, where applicable, section 1B (further requirements where common bond relates to locality) are met.the promotion of thrift among the members of the society by the accumulation of their savings;the creation of sources of credit for the benefit of the members of the society at a fair and reasonable rate of interest;the use and control of the members’ savings for their mutual benefit; andthe training and education of the members in the wise use of money and in the management of their financial affairs.(3ZA) (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(3B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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