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Credit Unions Act 1979
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Version Superseded: 06/04/2014
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17 Power to require information.E+W+S
(1)In relation to a credit union, the powers of the [F1FCA] under subsection (1) of section 48 of the 1965 Act to require the production of books, accounts and other documents and the furnishing of information in connection with the exercise of certain of [F2its] powers under that Act [F3shall apply also in connection with the exercise of its functions under this Act,] and F4. . . of section 48 of the 1965 Act (penalties and defraying expenses) shall apply accordingly;
[F5(1A) The PRA may, in connection with the exercise of its functions under this Act, exercise in relation to a credit union the powers of the FCA under subsection (1) of section 48 of the 1965 Act to require the production of books, accounts and other documents and the furnishing of information, and subsections (2) and (3) of section 48 of the 1965 Act (penalties and defraying expenses) shall apply accordingly. ]
(2)Without prejudice to section 39 of the 1965 Act (duty to furnish annual returns), the [F6Authority] may from time to time by notice in writing served on a credit union require it to furnish, within such period as may be specified in the notice, a financial statement or periodic financial statements in such form and containing such information as may be so specified.
(3)If a credit union fails without reasonable excuse to comply with a notice under subsection (2) above it shall be guilty of an offence and liable on summary conviction to a fine not exceeding [F7level 3 on the standard scale].
Textual Amendments
F1Word in s. 17(1) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 11(2) (with Sch. 12)
F2Word in s. 17(1) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 281(b)(i) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F3Words in s. 17(1) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 281(b)(ii) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F4Words in s. 17(1) omitted (2.7.2002) by virtue of S.I. 2002/1501, arts. 1(1), 2(12)
F5S. 17(1A) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 11(3) (with Sch. 12)
F6Words in s. 17(1)(2) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 281(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F7Words substituted by virtue of (E.W.) Criminal Justice Act 1982 (c. 48, SIF 39:1), s. 46 and (S.) Criminal Procedure (Scotland) Act 1975 (c. 21, SIF 39:1), s. 289G
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