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    2006-10-06

CRED 7.2A Joint ventures

Section 26 of the Credit Unions Act 1979

CRED 7.2A.1G

1Section 26 of the Credit Unions Act 1979 prohibits a credit union from having a subsidiary within the meaning of section 15 of the Friendly and Industrial and Provident Societies Act 1968. To have a subsidiary in that sense, a credit union has to be a member of the company and control the composition of its board of directors, or hold more than half in nominal value of the company's equity share capital.

CRED 7.2A.2G

1Credit unions may set up (and hold shares or other membership rights in) associated bodies corporate to establish shared service facilities and other joint ventures, so long as they demonstrably further the credit union's statutory objects and do not breach section 26 of the Credit Unions Act 1979.