Credit Unions (Authorised Investments) Order 1979
| Jurisdiction | UK Non-devolved |
| Citation | SI 1979/866 |
1979 No. 866
INDUSTRIAL AND PROVIDENT SOCIETIES
Credit Unions (Authorised Investments) Order 197912thJuly 1979
30thJuly 1979
20thAugust 1979
The Chief Registrar of Friendly Societies, with the consent of the Treasury, in exercise of the powers conferred on him by sections 13(1) and 29 of the Credit Unions Act 1979(a), and of all other powers enabling him in that behalf, hereby makes the following Order:—
1. This Order may be cited as the Credit Unions (Authorised Investments) Order 1979 and shall come into operation on 20th August 1979.
2. In this Order—
"the Act" means the Credit Unions Act 1979;
"surplus funds" has the meaning assigned to it by section 13(4) of the Act;
"credit union" has the meaning assigned to it by section 31(1) of the Act.
3. (i) The manner in which a credit union is authorised to invest any part of its surplus funds is specified in Part I of the Schedule to this Order.
(ii) Part II of the Schedule to this Order shall have effect for the purposes of Part I thereof and for the interpretation of that Part.
K. Brading, Chief Registrar of Friendly Societies
Dated 12th July 1979
We consent to this Order
John MacGregor, Peter Morrison, Two of the Lords Commissioners of Her Majesty's Treasury
Dated 12th July 1979
(a) 1979 c. 34.
SCHEDULE
PART I
MANNER OF INVESTMENT
1. In Defence Bonds, National Development Bonds, British Savings Bonds, Treasury Bills and Local Authority Bills.
2. In marketable securities issued by Her Majesty's Government in the United Kingdom or the Government of Northern Ireland, being securities which will mature for repayment in not more than five years from the relevant date.
3. In marketable fixed-interest or variable-interest securities issued in the United Kingdom by any local authority, being securities which will mature for repayment in not more than five years from the relevant date.
4. In marketable fixed-interest securities of the following descriptions, being securities which will mature for repayment in not more than five years from the relevant date:—
(a) securities the repayment of the principal of which and the payment of interest on which is guaranteed by Her Majesty's Government in the United Kingdom or the Government of Northern Ireland;
(b) securities issued in the United Kingdom by a public authority or nationalised industry or undertaking in the United Kingdom;
(c) loan stock of the Bank of Ireland.
5. In shares or deposits in any building society designated under section 1...
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