Credit Unions (Increase in Limits on Deposits by persons too young to be members and of Periods for the Repayment of Loans) Order 2001
| Jurisdiction | UK Non-devolved |
| Citation | SI 2001/811 |
| Year | 2001 |
2001 No. 811
INDUSTRIAL AND PROVIDENT SOCIETIES
The Credit Unions (Increase in Limits on Deposits by persons too young to be members and of Periods for the Repayment of Loans) Order 2001
Made 8th March 2001
Laid before Parliament 8th March 2001
Coming into force 1st April 2001
The Chief Registrar of Friendly Societies, with the consent of the Treasury, in exercise of the powers conferred on him by subsection (4) of section 9 and subsections (4), (4A) and (7) of section 11 of the Credit Unions Act 19791and by section 73(1) of the Industrial and Provident Societies Act 19652, and of all other powers enabling him in that behalf, hereby makes the following Order:
Citation and commencement
1. This Order may be cited as the Credit Unions (Increase in Limits on Deposits by persons too young to be members and of Periods for the Repayment of Loans) Order 2001 and shall come into force on 1st April 2001.
Interpretation
2. In this Order—
“the 1965 Act” means the Industrial and Provident Societies Act 1965; and
“the 1979 Act” means the Credit Unions Act 1979.
Increase in limit on shareholding
3. In section 9(1) of the 1979 Act3for “£750” (specifying the maximum amount of the deposits which may be taken from a person who is under the age at which he may become a member of a credit union registered under the 1965 Act) there shall be substituted “£5,000”.
Increase in periods for the repayment of loans
4.—(1) The specified periods for the purposes of subsection (4) of section 11 of the 1979 Act (maximum periods for repayment of loans) are—
(a)
(a) in relation to a secured loan, seven years; and
(b)
(b) in relation to an unsecured loan, three years.
(2) The specified periods for the purposes of subsection (4A) of that section (which, as a result of section 11B(1) and (4) of the 1979 Act, has effect if the credit union has a certificate of approval under section 11C of that Act) are—
(a)
(a) in relation to a secured loan, twelve years; and
(b)
(b) in relation to an unsecured loan, five years.
Geoffrey Fitchew
Chief Registrar of Friendly Societies
5th March 2001
Jim Dowd
Greg Pope
Two of the Lords Commissioners of Her Majesty’s Treasury
8th March 2001
(This note is not part of the Order)
This Order raises two separate limits which are imposed by the Credit Unions Act 1979.
The limit on the deposits which...
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