Statutory Instruments
1994 No. 658
INDUSTRIAL AND PROVIDENT SOCIETIES
The Industrial and Provident Societies (Credit Unions) (Amendment of Fees) Regulations 1994
Made
8th March 1994
Laid before Parliament
9th March 1994
Coming into force
1st April 1994
The Treasury, in exercise of the powers conferred upon them by sections 70(1) and 71(1) of the Industrial and Provident Societies Act 1965(1), as applied by section 7(2) of the Industrial and Provident Societies Act 1967(2), and section 31(2) of the Credit Unions Act 1979(3), and of all other powers enabling them in that behalf, hereby make the following Regulations:
1. These Regulations may be cited as the Industrial and Provident Societies (Credit Unions) (Amendment of Fees) Regulations 1994 and shall come into force on 1st April 1994.
2. The Industrial and Provident Societies (Credit Unions) Regulations 1979(4) are amended by substituting for Schedule 2 thereto the following schedule—
Regulation 17
“SCHEDULE 2FEES PAYABLE FOR REGISTRATION AND SUNDRY OTHER MATTERS
| £ | |
|---|---|
1. For the acknowledgement of registration of a credit union (except as provided in paragraph 14 of this Schedule) | 535 |
2. For the acknowledgement of registration of an amendment of rules being a substitution of an entire set of rules for the existing set of rules (except as provided in paragraph 15 of this Schedule) | 370 |
3. For the acknowledgement of registration of an amendment of rules not being a substitution of an entire set of rules for the existing set of rules (except that no fee shall be payable for the acknowledgement of registration of an amendment of rules made for the purposes of section 10(2)(b) of the 1965 Act) | 170 |
4. For the approval of a change of name | 170 |
5. For the registration of a notice of change in the situation of a registered office | 33 |
6. For the registration of a special resolution where the special resolution relates to an amalgamation or a transfer of engagements | 85 |
7. For the appointment of an inspector, or the calling of a special meeting by the Chief Registrar or the Assistant Registrar of Friendly Societies for Scotland (except that no fee shall be payable where an inspector is appointed or a special meeting called by the Chief Registrar pursuant to section 18 of the 1979 Act) | 195 |
8. For the registration of an instrument of dissolution or alteration therein | 95 |
9. On every direction for division or appropriation of the assets of a society— (a)where the value of the assets is £1,000 or less, 20% of that value (b)where the value of the assets exceeds £1,000, £200 with an additional £10 for every £100 or part thereof in excess of £1,000 | |
10. For every document (except as otherwise provided) required to be signed by a Registrar or to bear the seal of the Central Office not chargeable with any other fee | 23 |
11. For the inspection on any particular day of documents on the file kept by a Registrar relating to a single credit union | 4.50 |
12. For the provision of a copy of the whole of an extract from any document — (a)where the copy is not certified as a true copy of a document in the custody of the Registrar — (i)where the copy does not exceed 5 pages, or for the first 5 pages of a copy which exceeds 5 pages | 1.50 |
(ii)for every page of a copy after the fifth page | 0.30 |
(b)where the copy is certified as provided in subparagraph (a) above (as an addition to whatever fee would be payable if the copy were not so certified) | 4.50 |
13. In addition to any fee payable under paragraph 12 above, for the provision of a copy or copies of the whole of or an extract from any document by post | 5 |
14. For the acknowledgment of registration of a credit union the rules of which are in the form of model rules, where the application for the registration is made through and endorsed by the association or body which has sponsored the rules contained in the said model | 200 |
15. For the acknowledgment of registration of an amendment of rules being a substitution of an entire set of rules for the existing set of rules, where the entire set of rules is in the form of model rules and where the application for registration is made through and endorsed by the association or body which has sponsored the rules contained in the said model | 140 |
16. No fee shall be payable in respect of the examination or authentication of copies of rules or amendments of rules to be used for recording under section 8 of the Industrial and Provident Societies Act 1965 |
The fee to be delivered to the Central Office pursuant to section 1(2)(b) of the 1967 Act or to the Assistant Registrar of Friendly Societies for Scotland pursuant to section 4(1)(c) of the 1967 Act shall be £23.”
3. The Industrial and Provident Societies (Credit Unions) (Amendment of Fees) Regulations 1993(5) are revoked.
Tim Wood
Timothy Kirkhope
Two of the Lords Commissioners of Her Majesty’s Treasury.
8th March 1994
Explanatory Note
(This note is not part of the Regulations)
These Regulations supersede the Industrial and Provident Societies (Credit Unions) (Amendment of Fees) Regulations 1993. They generally increase by about 3% the fees to be paid for matters transacted under the Industrial and Provident Societies Acts 1965 and 1967 and the Credit Unions Act 1979. Fees for searches and copies have increased by 12.5% and 20% respectively but in these cases the fee has not been increased since April 1992. Fees for the registration of a special resolution for amalgamation or transfer of engagements and for the registration of an instrument of dissolution are simplified by the introduction of a flat-rate fee, towards the lower end of the former scales. An exemption from charge is also introduced where documents registered in one of the two registration area (England, Wales and the Channel Islands or Scotland) are recorded in the other.
A review of the cost of compliance with these Regulations has been undertaken and the resulting compliance cost assessment may be purchased from the Registry of Friendly Societies, 15 Great Marlborough Street, London W1V 2AX.
Compliance Cost Assessment
THE INDUSTRIAL AND PROVIDENT SOCIETIES (CREDIT UNIONS) (AMENDMENT OF FEES) REGULATIONS 1994
The purpose and benefit of the Regulations
1. The activities of Credit Unions are monitored by the Central Office of the Registry of Friendly Societies. Fees for registration and related functions along with fees for inspection and copying of documents are charged so as to recover the costs of supplying the service.
2. These regulations give the basis and amounts of the fees and the charges levied.
Business Sectors Affected
3. All credit unions.
Compliance Cost
4. These regulations, in themselves, do not put any significant administrative burden on societies. Compliance simply requires the fees to be paid, normally by making out a cheque.
5. Fees are reviewed annually and regulations are made to replace those for the previous year.
6. The burden of compliance is therefore simply the increases in the fees themselves ie across the board of about 3%, rounded. Fees for inspections (an increase of 12.5%) and copying (an increase of 20%), both very small, have been increased more than 3% in order to obtain round figures and to take into account the fact that these fees were not increased last year. The fees for special resolutions, for amalgamations or transfers of engagements, and for registration of an instrument of dissolution have been simplified and a flat fee for all societies has therefore been set. Some other minor detailed changes have also been made. The overall effect is to simplify the structure of the fees.