Registration as a credit union
3Use of name " credit union ", etc.
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 £500.
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.