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Credit Unions Act 1979
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16 Guarantee funds.E+W+S
(1)Subject to the provisions of this section, a credit union, or any two or more credit unions, may enter into arrangements with a person carrying on the business of insurance for the purpose of making funds available to meet losses incurred by members of a credit union which is a party to the arrangements; and any two or more credit unions may enter into any other kind of arrangements for that purpose.
(2)Subject to subsection (3) below, a credit union shall have power to make contributions under arrangements made in accordance with subsection (1) above, and such arrangements may in particular provide for the vesting of a fund in trustees appointed under the arrangements.
(3)Arrangements under subsection (1) above shall not come into force and no contribution shall be made thereunder by a credit union, until they have been approved by the [F1appropriate authority]; and the [F1appropriate authority] shall not approve any such arrangements unless they provide that any variation of their terms shall also require [F2its] approval.
Textual Amendments
F1Words in s. 16(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 9 (with Sch. 12)
F2Word in s. 16(3) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 280(b) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
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