Regulatory Reform (Credit Unions) Order 2003
| Jurisdiction | UK Non-devolved |
| Citation | SI 2003/256 |
2003 No. 256
REGULATORY REFORM
The Regulatory Reform (Credit Unions) Order 2003
Made 6th February 2003
Coming into force in accordance with article 1
Whereas:
(a) the Treasury have consulted—
such organisations as appeared to them to be representative of interests substantially affected by their proposals for this Order,
the National Assembly for Wales, and
such other persons as they considered appropriate;
(b) following that consultation, the Treasury considered it appropriate to proceed with the making of this Order;
(c) a document containing the Treasury’s proposals was laid before Parliament as required by section 6 of the Regulatory Reform Act 20011and the period for Parliamentary consideration under section 8 of that Act expired;
(d) the Treasury had regard to the representations made during that period and in particular to the First Report (Session 2002–03) of the Regulatory Reform Committee of the House of Commons2and the Twenty-Ninth Report (Session 2001–02) of the Delegated Powers and Regulatory Reform Committee of the House of Lords3;
(e) a draft of this Order was laid before Parliament with a statement giving details of those representations and the changes to the Treasury’s proposals in light of them;
(f) the draft was approved by resolution of each House of Parliament;
(g) the Treasury are of the opinion that this Order does not remove any necessary protection or prevent any person from continuing to exercise any right or freedom which he might reasonably expect to continue to exercise; and
(h) this Order creates burdens affecting persons in the carrying on of certain activities, and the Treasury are of the opinion that—
the provisions of this Order, taken as a whole, strike a fair balance between the public interest and the interests of the persons affected by the burdens being created, and
the extent to which this Order removes or reduces one or more burdens, or has other beneficial effects for persons affected by the burdens imposed by the existing law, makes it desirable for this Order to be made;
The Treasury, in exercise of the powers conferred upon them by section 1 of the Regulatory Reform Act 2001, hereby make the following Order:
Citation and commencement
1. This Order may be cited as the Regulatory Reform (Credit Unions) Order 2003 and comes into force on the seventh day after the day on which it is made.
Amendments to the Credit Unions Act 1979
2. This Order amends the Credit Unions Act 19794.
Common bond requirement
3.—(1) Section 1 (qualifications for registration)5is amended as follows.
(2) In subsection (2), for paragraph (b), substitute—
“(b)
“(b) that as a result of any provision of the rules, admission to membership of the society meets the requirement specified in subsection (3A) or (3B) below (whether or not any other qualifications for admission to membership are also required by the rules) and that in consequence, a common bond exists between members of the society.”.
(3) After subsection (3), insert—
“3A The requirement specified in this subsection is that admission to membership of the society is restricted to persons all of whom fulfil the same specific qualification for admission to membership, being a qualification specified in, or approved under, subsection (4) below as being appropriate to a credit union.
3B The requirement specified in this subsection is that admission to membership of the society is restricted to persons each of whom fulfils either—
(a) the qualification for admission to membership specified by paragraph (e) of subsection (4) below as being appropriate to a credit union; or
(b) the same specific qualification for admission to membership, being a qualification which is so specified in paragraph (a), (b), (c), (d) or (f) of that subsection.”.
Use of the name “credit union”
4.—(1) Section 3 (use of name “credit union” etc.)6is amended as follows.
(2) For subsection (3), substitute—
“3 Subsection (2) above does not apply to—
(a) the use, in reference to itself, of a name, title or descriptive expression by any body corporate which falls within subsection (3A) below;
(b) the...
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