SCHEDULES
SCHEDULE 1 Matters to be Provided For in Rules of Credit Union
1
The name of the society, which shall comply with section 3(1) above and with F18 section 10(1) and (2) of the 2014 Act (name not to be undesirable and to end with the word “limited").
2
The objects of the society.
3
The place which is to be the registered office of the society to which all communications and notices to the society may be addressed.
F144
The qualifications for admission to membership of the society, including one or more common bonds appropriate to a credit union.
4A
The terms of admission to membership of the society, including any special provision for the insurance of members in relation to their shares.
5
The 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.
6
The appointment and removal of a committee, by whatever name, and of managers or other officers and their respective powers and remuneration.
7
8
Provision for the mode of withdrawal of shares and for payment of the balance due thereon on withdrawing from the society.
9
10
Provision for the custody and use of the society’s seal.
F1911
Provision for the audit of accounts in accordance with Part 7 of the 2014 Act.
12
Provision 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.
F1613
Provision for—
a
terminating the membership of corporate members in order to comply with the limit on the number of corporate members (see section 5A above); and
b
the repayment of the shares held by a corporate member in any case where—
i
the membership is terminated to comply with the limit on the number of corporate members, or
ii
the shares must be repaid in order to comply with the limit on shares allotted to corporate members (see section 5A above).
F1513A
If the issue of interest-bearing shares is permitted, provision for converting such shares into shares which are not interest-bearing to comply with subsection (3) of section 7A above.
14
Provision 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.
F2SCHEDULE 2 Procedure in Relation to Directions Under Section 19
C11
Not less than fourteen days before giving a direction, the F4Authority shall serve on the credit union concerned, and on every member of its committee, a notice stating that F5it proposes to give such a direction and specifying the nature of the direction F5it proposes to give and the considerations which have led F5it to conclude that F5it should give such a direction.
C22
The F6Authority shall consider any representations with respect to the notice which may be made to F7the Authority by the credit union within such period as F7the 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 F8the credit union an opportunity of being heard by F7the Authority within that period.
3
1
On giving such a direction the F9Authority 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
3
The F9Authority 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.
4
A 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 F11Authority by him or by the credit union.
5
Failure to serve a notice under this Schedule on a committee member shall not affect the validity of a direction.
6
SCHEDULE 3. . . . F3
Sch. 3 repealed by Banking Act 1987 (c. 22, SIF 10), s. 108(2), Sch. 7 Pt. I
Powers of chief registrar
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.
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.
Duration of powers
2
1
When it appears to the Treasury that, the relevant provisions of the M1Banking 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.
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.
Sch. 2 omitted (2.7.2002) by virtue of S.I. 2002/1501, arts. 1(1), 2(22) (with art. 6(1))