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CRED 13 Annex 1 Requirements of Registration

The requirements of registration under the Industrial and Provident Societies Act 1965, as set out in the Credit Unions Act 1979 and referred to in CRED 13.4.1G.

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REQUIREMENT

SECTION OF THE RELEVANT ACTS

That the objects of the society are those, and only those of a credit union.2

Credit Unions Act 1979, s.1(2)(a)

See CRED 13 Annex 1B G Section 1 of the Credit Unions Act 1979 (as amended).3

3

Credit Unions Act 1979, s.1(3)

That admission to membership of the society is restricted to individuals all of whom fulfil a specific qualification which is appropriate to a credit union (and that in consequence a "common bond" exists between members).2

Credit Unions Act 1979, s.1(2)(b)

See CRED 13 Annex 1B G Section 1 of the Credit Unions Act 1979 (as amended) - CRED 13 Annex 1C G Qualifications approved by the FSA (and the Registry of Friendly Societies).3

3

Credit Unions Act 1979, s.1(4)3

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That the rules of the credit union are in a form as agreed by the FSAand provide for all matters required by the legislation.

Credit Unions Act 1979, s.4(1) and Schedule 1

That the registered office of the credit union is in Great Britain.

Credit Unions Act 1979, s.1(1)(c)

See CRED 13 Annex 1B G Section 1 of the Credit Unions Act 1979 (as amended).3

Credit Unions Act 1979, s.1(1)(c)3

That a suitable name is chosen for the credit union.

Credit Unions Act 1979, s.3

for credit unions with their registered office in England or Scotland their name must always include the words 'Credit Union' and have 'Limited' as the last word in the name

Credit Unions Act 1979, s.3(1) and 3(4)

for credit unions with their registered office in Wales their name may use 'undeb credyd' instead of 'Credit union' and 'cyfyngedig' instead of 'Limited'

The Welsh Language Act 1993, s.28 and 29

That the credit union has at least 21 members.

Credit Unions Act 1979, s.6(1)

only individuals can be members of a credit union

Credit Unions Act 1979, s.5(1)

an individual is not a member of a credit union unless he holds at least one fully paid-up share in that credit union

Credit Unions Act 1979, s.1(6)1