Statutory Instruments
INDUSTRIAL AND PROVIDENT SOCIETIES
Made
20 December 1989
Laid before Parliament
20 December 1989
Coming into operation
1 February 1990
The Chief Registrar of Friendly Societies, with the consent of the Treasury, in exercise of the powers conferred upon him by sections 5(4), 9(4) and (5) and 11(7) of the Credit Unions Act 1979 (1), and of all other powers enabling him in that behalf, hereby makes the following Order:—
1. This Order may be cited as the Credit Unions (Increase in Limits of Shareholding, of Deposits by persons too young to be members and of Loans) Order 1989, and shall come into operation on 1 February 1990.
2. In this Order —
“the 1965 Act” means the Industrial and Provident Societies Act 1965 (2);
“the 1979 Act” means the Credit Unions Act 1979.
3. In section 5(3) of the 1979 Act, for the sum “£2,000” (specifying the limit on the interest any one member may hold in the shares of a credit union registered under the 1965 Act) there shall be substituted the sum “£5,000”.
4. In section 9(1) of the 1979 Act, for the sum “£250” (specifying the maximum amount of the deposits which may be taken from a person who is under the age at which he may become a member of a credit union registered under the 1965 Act) there shall be substituted the sum of “£750”.
5. In section 11(2) of the 1979 Act, for the sum “£2,000” (specifying the maximum amount on loan at any time to a member of a credit union registered under the 1965 Act in excess of his total paid-up shareholding in the credit union at that time) there shall be substituted the sum “£5,000”.
J M Bridgeman
Chief Registrar of Friendly Societies
20th December 1989
We consent to this Order
John Taylor
Kenneth Carlisle
Two of the Lords Commissioners of Her Majesty’s Treasury
20th December 1989
(This note is not part of the Order)
This Order increases the following limits imposed by the Credit Unions Act 1979 on credit unions registered under the Industrial and Provident Societies Act 1965:
(i)the limit on a member’s shareholding in the credit union from £2,000 to £5,000;
(ii)the limit on the deposits which the credit union may take from persons too young to be members from £250 to £750; and,
(iii)the limit on loans in excess of a member’s total paid-up shareholding in the credit union from £2,000 to £5,000.