The Financial Services and Markets Act 2000 (Mutual Societies) Order 2001

PART IV CREDIT UNIONS

Amendments to the Credit Unions Act 1979

264.  The Credit Unions Act 1979(1) is amended as follows.

265.  In section 1(2)—

(a) in subsections (1), (4) and (5) for the words “appropriate registrar” there is substituted “Authority”, and

(b) in subsection (5) for the word “he”, both times it appears, there is substituted “it”.

266.  In section 2, subsection (6) is omitted.

267.  In section 3(3)(b) for the words “chief registrar” there is substituted “Authority”.

268.  In section 4(1) for the words “appropriate registrar”, both times they appear, there is substituted “Authority”.

269.  In section 5(3)—

(a) in subsection (4) for the words “chief registrar may, by order made with the consent of the Treasury,” there is substituted “Treasury may by order”, and

(b) in subsection (10) for the words “appropriate registrar” there is substituted “Authority”.

270.  In section 6(4)—

(a) in subsection (3) the words “after consultation with the chief registrar,” are omitted,

(b) in subsection (5)—

(i) for the words “appropriate registrar” there is substituted “Authority”, and

(ii) for the word “he” there is substituted “it”, and

(c) in subsection (6)—

(i) for the words “appropriate registrar” there is substituted “Authority”, and

(ii) for the word “him” there is substituted “it”.

271.  In section 9(5)—

(a) in subsection (4) for the words “chief registrar may, by order made with the consent of the Treasury,” there is substituted “Treasury may by order”, and

(b) in subsection (5) for the words “chief registrar” there is substituted “Treasury”.

272.  In section 10(2) for the words “chief registrar” there is substituted “Authority”.

273.  In section 11(7) the words “chief registrar with the consent of the” are omitted.

274.  In section 11(6C) as inserted by section 11B(5)(6) (modified application of section 11 in relation to credit unions holding a certificate of approval under section 11C), for the words “appropriate registrar” there is substituted “Authority”.

275.  In section 11C—

(a) for the words “appropriate registrar”, wherever they appear, there is substituted “Authority”,

(b) in subsection (1), for the word “him” there is substituted “the Authority”,

(c) in subsections (3), (4) and (5)(a), for the word “he”, each time it appears, there is substituted “it”, and

(d) in subsections (5)(a) and (b), for the word “him” there is substituted “the Authority”.

276.  In section 11D(1)—

(a) for the words “appropriate registrar” there is substituted “Authority”, and

(b) for the word “him” there is substituted “it”.

277.  In section 13(1) the words “chief registrar with the consent of the” are omitted.

278.  In section 14(4) the words “chief registrar with the consent of the” are omitted.

279.  In section 15(7)—

(a) for the words—

(i) “appropriate registrar” in subsection (1), and

(ii) “chief registrar” in subsection (2)(c),

there is substituted “Authority”, and

(b) in subsection (3) the words “chief registrar with the consent of the” are omitted, and

(c) in subsection (4) for the words “chief registrar” there is substituted “Treasury”.

280.  In section 16(3)—

(a) for the words “appropriate registrar” both times they appear there is substituted “Authority”, and

(b) for the word “his” there is substituted “its”.

281.  In section 17—

(a) in subsections (1) and (2) for the words “appropriate registrar” there is substituted “Authority”, and

(b) in subsection (1)—

(i) for the word “his”, where it appears the first time, there is substituted “its”, and

(ii) for paragraphs (a) and (b) there is substituted “shall apply also in connection with the exercise of its functions under this Act,”.

282.  In sections 18 to 23, for the words “chief registrar” or (as the case may be) “appropriate registrar”, wherever they appear, there is substituted “Authority”.

283.  In section 18(1) for the words “he may, with the consent of the Treasury,” there is substituted “it may”.

284.  In section 19—

(a) in subsection (1) for the words “he may, with the consent of the Treasury,” there is substituted “it may”, and

(b) in subsection (4) the words “with the consent of the Treasury” are omitted.

285.  In section 20(2) for the word “him”, both times it appears, there is substituted “the Authority”.

286.  In section 21(3) for the word “his” there is substituted “its”.

287.  For section 29 there is substituted—

“29.    Orders and regulations.

(1) Any power to make an order or regulations conferred on the Treasury by any provision of this Act shall be exercisable by statutory instrument.

(2) A statutory instrument made under this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament.”.

288.  Section 30 ceases to have effect.

289.  In section 31(2)—

(a) for the words “70 to” there is substituted “70A, 71, 72 and”, and

(b) the words“, meaning of “chief registrar”, etc.” are omitted.

290.  In section 32—

(a) in subsection (1)(a) for the words from “Wales” to “assistant registrar for Scotland” there is substituted “Wales, or (as the case may be) Scotland, to credit unions registered by the Authority”,

(b) in subsection 1(b) for the words “at the central office or by the assistant registrar for Scotland” there is substituted “by the Authority”, and

(c) in subsection (2)(b) for the words “chief registrar, the central office and the assistant registrar for Scotland” there is substituted “Authority”.

291.  In Schedule 2—

(a) for the words “chief registrar”, wherever they appear, there is substituted “Authority”,

(b) in paragraph 1 for the words “he” and “him”, wherever they appear, there is substituted “it”,

(c) in paragraph 2—

(i) for the words “he” and “him”, wherever they appear, there is substituted “the Authority”, and

(ii) for the word “it” there is substituted “the credit union”,

(d) in paragraph 3(2) for the word “he” there is substituted “it”, and

(e) in paragraph 6 for the word “him” there is substituted “it”.

(1)

1979 c. 34.

(2)

Section 1 was amended by S.I. 1996/1189.

(3)

Section 5 was inserted by S.I. 1996/1189.

(4)

Section 6(2) to 6 will be repealed by the Financial Services and Markets Act 2000 (c. 8), Schedule 18 paragraph 21, and Schedule 22, once those provisions are brought into force. There are other amendments to section 6 which are not relevant to this Order.

(5)

Section 9 was amended by S.I. 1989/2423 and 2001/811.

(6)

Sections 11B to 11D were inserted by S.I. 1996/1189. They will be repealed by the Financial Services and Markets Act 2000, Schedule 18 paragraph 23, and Schedule 22, once those provisions are brought into force.

(7)

There are amendments to section 15 which are not relevant to this Order.