SCHEDULE 14 Credit Unions
Financial Services and Markets Act 2023 (2023 c 29) | Legislation

SCHEDULE 14 Credit Unions

Section 73

Introductory

1

The Credit Unions Act 1979 is amended as follows.

Specified financial activities

2

(1)     Section 1 (registration) is amended as follows.

(2)     After subsection (2) insert—

“(2A)     The objects of a credit union are—

(a)     each of the mandatory objects specified in subsection (3), or

(b)     each of those mandatory objects together with the optional object specified in subsection (3ZZA).â€

(3)     In subsection (3), in the words before paragraph (a), before “objects†insert “mandatoryâ€.

(4)     After subsection (3) insert—

“(3ZZA)     The optional object of a credit union is to carry on one or more of the financial activities specified in section 1ZA(1) for the benefit of the members of the society.â€

(5)     In subsection (3ZA), for “subsection (3)†substitute “subsections (3) and (3ZZA)â€.

3

After section 1 insert—

“1ZA Specified financial activities

(1)     The financial activities specified for the purposes of the optional object of a credit union (see section 1(3ZZA)) are—

(a)     entering into conditional sale agreements, as the seller;

(b)     entering into hire purchase agreements, as the person from whom goods are bailed or (in Scotland) hired;

(c)     insurance distribution activities.

(2)

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