Co-operative and Community Benefit Societies Act 2014

2 (1) Section 1 (registration) is amended as follows.

(2) In subsection (1)—

(a) for the words before paragraph (a) substitute “A society may be registered under the Co-operative and Community Benefit Societies Act 2014 (“the 2014 Act”) as a credit union if—”;

(b) after paragraph (a) insert—

“(aa) the society has at least 21 members;”

(c) in paragraph (e) for “the 1965 Act” substitute “the 2014 Act”;

(d) in paragraph (f) for “the 1965 Act” substitute “the 2014 Act”;

(e) in the words after paragraph (f) omit “shall be registered as, and”.

(3) After subsection (1) insert—

“(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.”

(4) In subsection (1B) for “issue an acknowledgement of registration under section 2(3) of the 1965 Act to a credit union” substitute “register a society under the 2014 Act as a credit union”.

(5) In subsection (1D) for “issues an acknowledgement of registration to a credit union under that section” substitute “registers a society as a credit union”.

(6) For the heading substitute “Registration”.