Credit Unions Act 1979

3 Use of name “credit union", etc.E+W+S

(1)The name of every society registered as a credit union shall contain the words “credit union".

(2)Subject to subsection (3) below, a person shall not, unless registered as a credit union,—

(a)use in reference to himself a name, title or descriptive expression containing the words “credit union" or any cognate term or any derivative of those words; or

(b)represent himself as being a credit union;

and any person who contravenes this subsection shall be guilty of an offence and liable on summary conviction to a fine not exceeding [F1level 4 on the standard scale].

(3)Subsection (2) above does not apply to—

(a)the use by an officer or employee of a credit union of a title or descriptive expression indicating his office or post with the credit union; or

(b)the use with reference to an association or group of credit unions of a name which has been approved in writing by the chief registrar.

(4)For the purposes of section 5(5) of the 1965 Act (societies which may be permitted to have a name which does not contain the word “limited") the objects of a credit union shall not be regarded as wholly charitable or benevolent.

Textual Amendments