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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

attached shares

    83(in CREDS) means any shares in the credit union (other than any deferred shares):

      1. (a) (in relation to a Great Britain credit union) 88the withdrawal of which is not permitted by section 7(5) of the Credit Unions Act 1979 or (in relation to a Northern Ireland credit union) the withdrawal of which is not permitted by article 23(4) of the Credit Unions (Northern Ireland) Order 1985; or88
      1. (b) (in relation to a Great Britain credit union) 88the withdrawal of which is not permitted by the terms of a loan made to a member; or
      1. (c) the withdrawal of which is not permitted without seeking and obtaining the permission of the committee of management of the credit union.

    In relation to a Great Britain credit union, paragraph88 (c) is relevant only where the credit union made a loan to the holder of the shares before the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 came into force.