Credit Union Act, 1997

General regulations.

182.—(1) After consultation with the Registrar, the Advisory Committee and any other bodies appearing to the Minister to be expert or knowledgeable in matters relating to credit unions, the Minister may make regulations—

(a) prescribing forms and procedures for use by a credit union in the conduct of its business;

(b) prescribing the maximum amount of secured and unsecured loans which a credit union may make to borrowers;

(c) prescribing the security or types of security which a credit union shall require in respect of a secured loan to a member;

(d) prescribing the maximum amount of shares or deposits that may be held by a member;

(e) prescribing the maximum amount of shares or deposits that may be held by credit unions;

(f) prescribing the investments (including investments other than those permitted by section 43 ) in which a credit union may invest its funds;

(g) making provision with respect to the further defining of the exercise of a significant influence as mentioned in section 87 (1)(e);

(h) making provision with respect to the operation, or bringing into operation, of section 48 , or for securing or facilitating its operation, or for removing any difficulty that may arise in bringing into operation any provision of that section or in relation to the operation of any such provision;

(i) altering from time to time the financial (including percentage) limits or time limits applicable under any provision of this Act;

(j) providing for the inspection, and furnishing of copies, of documents in the custody of the Registrar;

(k) making provision with respect to registration and procedures under this Act;

(l) making provision with respect to the settlement of disputes in accordance with section 125 ;

(m) relating to the operation generally of credit unions for the protection of the members' interests; and

(n) prescribing any other matter which, under any provision of this Act, is to be prescribed.

(2) Regulations under this section may relate to all or any one or more of the matters referred to in subsection (1).

(3) Regulations under this Act may provide that any person contravening the regulations shall be guilty of an offence and liable on summary conviction to a fine not exceeding an amount specified in the regulations.

(4) The amount which may be specified in regulations as mentioned in subsection (3) shall not exceed—

(a) on summary conviction, £1,000, or

(b) on conviction on indictment, £10,000.

(5) Regulations under this section may apply either generally or by reference to a specified category or categories of credit unions, or to a specified time or times, or during a specified period or periods or by reference to any other matter as the Minister may consider appropriate.

(6) Without prejudice to any specific provision of this Act, regulations may contain such incidental, consequential, transitional or supplementary provisions (including provisions for the purpose of effecting the transition to this Act from the enactments repealed by this Act and the Industrial and Provident Societies Acts, 1893 to 1978), as may appear to the Minister to be necessary or proper for any purpose of this Act or in consequence of, or to give full effect to, any provision of this Act.