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The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

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38.  Paragraph 3 (power to borrow) has effect as if it provided that power to raise or borrow money and grant security over the property of the society—U.K.

(a)in the case of a credit union, is subject to—

(i)the provisions of [F1Chapters 1 and 2 of Part 5 of the 2014 Act (charges over a society’s assets)];

(ii)section 7 (shares) M1, section 7A (power to issue interest-bearing shares) M2 and section 8 (general prohibition on deposit-taking) M3 of the 1979 Act; and

(iii)the rules of the society containing provision in respect of the matters mentioned in paragraph 7 of Schedule 1 to the 1979 Act (determination of the maximum amount of the interest in the shares of the society which may be held by any member);

(b)in the case of a relevant society which is not a credit union, is subject to—

[F2(i)section 24 (maximum interest in a society’s withdrawable shares) and section 67 (registered society with withdrawable share capital not to carry on banking etc) of the 2014 Act;

(ii)paragraphs 6 to 8 of Schedule 3 to the 2014 Act (provision about maximum shareholding and maximum deposits for certain societies registered or treated as registered before 1st August 2014);

(iii)the provisions of Chapters 1 and 2 of Part 5 of the 2014 Act (charges over a society’s assets); and

(iv)the rules of the society which make provision in accordance with section 14 of the 2014 Act (content of a society’s rules) about maximum shareholding and borrowing powers;]

(c)in either such case, is subject to such other enactments and such rules of the society as govern or restrict the exercise of that power.

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