The Credit Unions (Increase in Limits of Shareholding, of Deposits by persons too young to be members and of Loans) Order 1989

• Citation: S.I. 1989/2423
• Sections: 5

Section 1 Citation and commencement

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.

Section 2 Interpretation

In this Order —

“the 1965 Act ” means the Industrial and Provident Societies Act 1965 ;

“the 1979 Act ” means the Credit Unions Act 1979.

Section 3 Increase in limit on shareholding

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”.

Section 4 Increase in limit on deposits by persons too young to be members

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”.

Section 5 Increase in limit on loans

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”.