Section 4(1).
1E+W+SThe name of the society, which shall comply with section 3(1) above and with subsections (1) and (2) of section 5 of the 1965 Act (name not to be undesirable and to end with the word “limited").
2E+W+SThe objects of the society.
3E+W+SThe place which is to be the registered office of the society to which all communications and notices to the society may be addressed.
4E+W+SThe qualifications for, and the terms of, admission to membership of the society, including any special provision for the insurance of members in relation to their shares.
5E+W+SThe mode of holding meetings, including provision as to the quorum necessary for the transaction of any description of business, and the mode of making, altering or rescinding rules.
6E+W+SThe appointment and removal of a committee, by whatever name, and of managers or other officers and their respective powers and remuneration.
7Determination (subject to section 5(3) of this Act) of the maximum amount of the interest in the shares of the society which may be held by any member.
8E+W+SProvision for the mode of withdrawal of shares and for payment of the balance due thereon on withdrawing from the society.
9E+W+SThe mode and circumstances in which loans to members are to be made and repaid, including any special provision for the insurance of members in relation to loans made to them.
10E+W+SProvision for the custody and use of the society’s seal.
11Provision for the audit of accounts by one or more auditors appointed by the society in accordance with the requirements of the M1Friendly and Industrial and Provident Societies Act 1968.
Marginal Citations
12E+W+SProvision for the withdrawal of members from the society and for the claims of the representatives of deceased members or the trustees of the property of bankrupt members, or, in Scotland, members whose estate has been sequestrated, and for the payment of nominees.
13Provision for terminating the membership of members in order to comply with—
(a)the limit on the number of members of a credit union for the time being provided for in subsection (2) of section 6 above or, if a conditional exemption has been granted under subsection (5) of that section, any other limit which may be specified as a condition of that exemption; and
(b)the limit provided for in subsection (6) of section 5 above on the number of non-qualifying members of a credit union;
and for the repayment of the shares held by, and of any loans made to, a member whose membership is terminated for such a purpose.
14E+W+SProvision for the dissolution of the society, including provision requiring any assets remaining after the payment of debts, repayment of share capital and discharge of other liabilities—
(a)to be transferred to another credit union; or
(b)if not so transferred, to be applied for charitable purposes.
Section 19.
1Not less than fourteen days before giving a direction, the [F1Authority] shall serve on the credit union concerned, and on every member of its committee, a notice stating that [F2it] proposes to give such a direction and specifying the nature of the direction [F2it] proposes to give and the considerations which have led [F2it] to conclude that [F2it] should give such a direction.
Textual Amendments
F1Word in Sch. 2 para. 1 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F2Words in Sch. 2 para. 1 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(b) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
Modifications etc. (not altering text)
C1Sch. 2 para. 1 excluded (2.7.2002) by S.I. 2002/1501, arts. 1(1), 6(2)
2The [F3Authority] shall consider any representations with respect to the notice which may be made to [F4the Authority] by the credit union within such period as [F4the Authority] may allow, not being less than fourteen days from the date on which the credit union is served with the notice, and, if the credit union so requests, shall afford [F5the credit union] an opportunity of being heard by [F4the Authority] within that period.
Textual Amendments
F3Word in Sch. 2 para. 2 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F4Words in Sch. 2 para. 2 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(c)(i) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F5Words in Sch. 2 para. 2 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(c)(ii) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
Modifications etc. (not altering text)
C2Sch. 2 para. 2 modified (2.7.2002) by S.I. 2002/1501, arts. 1(1), 6(5)
3(1)On giving such a direction the [F6Authority] shall serve the direction on the credit union and shall serve on every member of its committee a notice of the giving of the direction.
(2)The direction and notices served in accordance with subparagraph (1) above shall be accompanied by a notice specifying the considerations which have led the [F6Authority] to conclude that [F7it] should give the direction.
(3)The [F6Authority] shall not have power to give such a direction unless all the considerations so specified were those, or were among those, which were specified in the notice under paragraph 1 above.
Textual Amendments
F6Words in Sch. 2 para. 3 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F7Word in Sch. 2 para. 3(2) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(d) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
4A notice under this Schedule may be served on a member of the committee of a credit union by sending it by post to his address, or latest address, as notified to the [F8Authority] by him or by the credit union.
Textual Amendments
F8Word in Sch. 2 para. 4 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
5Failure to serve a notice under this Schedule on a committee member shall not affect the validity of a direction.
6Notice of the giving of a direction shall be published by the [F9Authority] in the Gazette and in any other manner which appears to [F10it] to be necessary for informing the public.
Textual Amendments
F9Word in Sch. 2 para. 6 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F10Word in Sch. 2 para. 6 substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 291(e) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
Textual Amendments
F11Sch. 3 repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I
1(1)The chief registrar may, by order made with the consent of the Treasury, designate as an authorised bank for the purposes of this Act any body corporate or partnership carrying on the business of banking.E+W+S
(2)An order under sub-paragraph (1) above may be varied or revoked by a subsequent order made by the chief registrar with the consent of the Treasury.
(3)Any order made under this paragraph shall be published in the Gazette.
2(1)When it appears to the Treasury that, the relevant provisions of the M2Banking Act 1979 having come into operation, there are in existence such number of recognised banks (within the meaning of that Act) as to render no longer necessary the powers conferred by paragraph 1 above, the Treasury shall by order made by statutory instrument provide that those powers may no longer be exercised.E+W+S
(2)An institution which, immediately before the date on which the Treasury order referred to in sub-paragraph (1) above comes into effect, was an authorised bank for the purposes of this Act solely by virtue of an order of the chief registrar under this Schedule shall cease to be an authorised bank for those purposes on that date.
Marginal Citations