http://www.legislation.gov.uk/ukpga/1979/34/section/11ECredit Unions Act 1979An Act to enable certain societies in Great Britain to be registered under the Industrial and Provident Societies Act 1965 as credit unions; to make further provision with respect to societies so registered; to make provision with respect to the taxation of societies so registered and of Northern Ireland credit unions; to enable reciprocal arrangements to be made in relation to Northern Ireland credit unions; to facilitate the amendment of the Industrial and Provident Societies Act (Northern Ireland) 1969; and for connected purposes.1979-06-30texttext/xmlenStatute Law Database2024-05-20Expert Participation2023-08-29 Operation of credit union<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">Conditional sale and hire purchase agreements</Addition>11E1If the objects of a credit union include the optional object specified in section 1(3ZZA) it may (subject to such terms, including as to security, as its rules may provide)—aenter into a conditional sale agreement, as the seller, with a member of the credit union, orbenter into a hire purchase agreement, as the person from whom goods are bailed or (in Scotland) hired, with a member of the credit union.2A credit union may only enter into an agreement mentioned in subsection (1) with a corporate member if—athe credit union’s rules provide that it may do so, andbentering into the agreement would not result in the aggregate of the outstanding balances under all such agreements made by the credit union with corporate members exceeding 10% of the aggregate of the outstanding balances under all such agreements made by the credit union with members, or such higher percentage as may be specified in regulations made by the Treasury.3Subsection (4) applies where—aan agreement mentioned in subsection (1) is entered into by a credit union with a member, andbthe agreement is not a secured agreement within the meaning of section 11F.4The terms of the agreement must include provision as to whether, for the duration of the agreement, the member is permitted to withdraw shares where the member’s paid-up shareholding in the credit union is, or following the withdrawal would be, less than the member’s total liability (including contingent liability) to the credit union.5Any interest charged under an agreement mentioned in subsection (1)amust not exceed the rate specified in subsection (7), andbmust be inclusive of all administrative and other expenses incurred in connection with the making of the agreement.6The rate specified in this subsection is 3% per month on the sum outstanding under the agreement.7The Treasury may by regulations amend subsection (7) to substitute a different rate for the rate that is for the time being specified.Ss. 11E, 11F inserted (29.8.2023) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 14 para. 8; S.I. 2023/779, reg. 4(eee)
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<dc:title>Credit Unions Act 1979</dc:title>
<dc:description>An Act to enable certain societies in Great Britain to be registered under the Industrial and Provident Societies Act 1965 as credit unions; to make further provision with respect to societies so registered; to make provision with respect to the taxation of societies so registered and of Northern Ireland credit unions; to enable reciprocal arrangements to be made in relation to Northern Ireland credit unions; to facilitate the amendment of the Industrial and Provident Societies Act (Northern Ireland) 1969; and for connected purposes.</dc:description>
<dc:date>1979-06-30</dc:date>
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<Title> Operation of credit union</Title>
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<Title>
<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">Conditional sale and hire purchase agreements</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">11E</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">If the objects of a credit union include the optional object specified in section 1</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(3ZZA)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef"> it may (subject to such terms, including as to security, as its rules may provide)—</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">enter into a conditional sale agreement, as the seller, with a member of the credit union, or</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">b</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">enter into a hire purchase agreement, as the person from whom goods are bailed or (in Scotland) hired, with a member of the credit union.</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">A credit union may only enter into an agreement mentioned in subsection </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(1)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef"> with a corporate member if—</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">a</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">the credit union’s rules provide that it may do so, and</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">b</Addition>
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<Text>
<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">entering into the agreement would not result in the aggregate of the outstanding balances under all such agreements made by the credit union with corporate members exceeding 10% of the aggregate of the outstanding balances under all such agreements made by the credit union with members, or such higher percentage as may be specified in regulations made by the Treasury.</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">3</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">Subsection </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(4)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef"> applies where—</Addition>
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<P3 DocumentURI="http://www.legislation.gov.uk/ukpga/1979/34/section/11E/3/a" IdURI="http://www.legislation.gov.uk/id/ukpga/1979/34/section/11E/3/a" id="section-11E-3-a">
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">a</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">an agreement mentioned in subsection </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(1)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef"> is entered into by a credit union with a member, and</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">b</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">the agreement is not a secured agreement within the meaning of section </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">11F</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">.</Addition>
</Text>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">4</Addition>
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<Text>
<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">The terms of the agreement must include provision as to whether, for the duration of the agreement, the member is permitted to withdraw shares where the member’s paid-up shareholding in the credit union is, or following the withdrawal would be, less than the member’s total liability (including contingent liability) to the credit union.</Addition>
</Text>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">Any interest charged under an agreement mentioned in subsection </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(1)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">a</Addition>
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<Text>
<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">must not exceed the rate specified in subsection </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(7)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">, and</Addition>
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<Text>
<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">must be inclusive of all administrative and other expenses incurred in connection with the making of the agreement.</Addition>
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<Text>
<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">The rate specified in this subsection is 3% per month on the sum outstanding under the agreement.</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">7</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">The Treasury may by regulations amend subsection </Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef">(7)</Addition>
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<Addition ChangeId="key-1bc0847148155059984a4a7531c557ef-1697470812125" CommentaryRef="key-1bc0847148155059984a4a7531c557ef"> to substitute a different rate for the rate that is for the time being specified.</Addition>
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</P1>
</P1group>
</Pblock>
</Body>
</Primary>
<Commentaries>
<Commentary id="key-1bc0847148155059984a4a7531c557ef" Type="F">
<Para>
<Text>
<CitationSubRef id="c5fdgu1w5-00018" SectionRef="section-11E" URI="http://www.legislation.gov.uk/id/ukpga/1979/34/section/11E">Ss. 11E</CitationSubRef>
,
<CitationSubRef id="c5fdgu1w5-00019" SectionRef="section-11F" URI="http://www.legislation.gov.uk/id/ukpga/1979/34/section/11F">11F</CitationSubRef>
inserted (29.8.2023) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2023/29" id="c5fdgu1w5-00020" Class="UnitedKingdomPublicGeneralAct" Year="2023" Number="29" Title="Financial Services and Markets Act 2023">Financial Services and Markets Act 2023 (c. 29)</Citation>
,
<CitationSubRef CitationRef="c5fdgu1w5-00020" id="c5fdgu1w5-00021" SectionRef="section-86-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3">s. 86(3)</CitationSubRef>
,
<CitationSubRef CitationRef="c5fdgu1w5-00020" id="c5fdgu1w5-00022" SectionRef="schedule-14-paragraph-8" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/14/paragraph/8" Operative="true">Sch. 14 para. 8</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2023/779" id="c5fdgu1w5-00023" Class="UnitedKingdomStatutoryInstrument" Year="2023" Number="779" Title="The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023">S.I. 2023/779</Citation>
,
<CitationSubRef CitationRef="c5fdgu1w5-00023" id="c5fdgu1w5-00024" SectionRef="regulation-4-eee" URI="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/4/eee">reg. 4(eee)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>