3 Use of name “credit union", etc.E+W+S
(1)The name of every society registered as a credit union shall contain the words “credit union"[F1or, if the rules of the society state that its registered office is to be in Wales, either those words or the words “undeb credyd"].
(2)Subject to subsection (3) below, a person shall not, unless registered as a credit union,—
(a)use in reference to himself a name, title or descriptive expression containing the words “credit union" or [F2undeb credyd or] any cognate term or any derivative of those words; or
(b)represent himself as being a credit union;
and any person who contravenes this subsection shall be guilty of an offence and liable on summary conviction to a fine not exceeding [F3level 4 on the standard scale].
(3)Subsection (2) above does not apply to—
(a)the use by an officer or employee of a credit union of a title or descriptive expression indicating his office or post with the credit union; or
(b)the use with reference to an association or group of credit unions of a name which has been approved in writing by the [F4Authority].
(4)For the purposes of section 5(5) of the 1965 Act (societies which may be permitted to have a name which does not contain the word “limited") the objects of a credit union shall not be regarded as wholly charitable or benevolent.
Textual Amendments
F1Words in s. 3(1) added (21.12.1993) by 1993 c. 38, ss. 29(2), 36(1).
F2Words in s. 3(2) inserted (21.12.1993) by 1993 c. 38, ss. 29(3), 36(1).
F3Words substituted by virtue of (E.W.) Criminal Justice Act 1982 (c. 48, SIF 39:1), s. 46 and (S.) Criminal Procedure (Scotland) Act 1975 (c. 21, SIF 39:1), s. 289G
F4Word in s. 3(3)(b) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 267 (with art. 13(3)); S.I. 2001/3538, art. 2(1)