CREDS 7.1 Application, purpose and interpretation
Application
1This chapter applies to all credit unions.
Purpose
- (1)
This chapter seeks to protect the interests of credit unions' members in respect of lending5. Principle 4 requires credit unions to maintain adequate financial resources3.
2 - (2)
[deleted]3
Interpretation
- (1)
5For the purpose of this chapter, ‘lending’ means:
- (a)
in relation to Great Britain credit unions, loans under section 11 of the Credit Unions Act 1979, conditional sale agreements and/or hire-purchase agreements under section 11E of the Credit Unions Act 1979; or
- (b)
in relation to Northern Ireland credit unions, loans under article 28 of the Credit Unions (Northern Ireland) Order 1985.
- (a)
- (2)
For the purpose of this chapter, the expression ‘lend’ should be interpreted by reference to the term ‘lending’.
The rules and guidance in this chapter are in addition to the provisions of (in relation to Great Britain credit unions)2section 11 and section 11E 5of the Credit Unions Act 1979 and (in relation to Northern Ireland credit unions) article 28 of the Credit Unions (Northern Ireland) Order 1985.5