Credit Unions Act 1979
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
31A
(1) In this Act, references to deferred shares are to a class of shares where— (a) the rights and obligations of the credit union and the member in respect of those shares are set out in a single document, or in a series of documents (“the issue documents”); (b) each of the issue documents is provided to every applicant for the shares; (c) one of the issue documents contains a prominent statement to the effect that the shares are deferred shares for the purposes of this Act; (d) each of the issue documents contains a prominent statement stating whether the shares are, or are not, an investment covered by the Financial Services Compensation Scheme (see section 213 of the Financial Services and Markets Act 2000); (e) any document evidencing title to the shares contains the statements required by paragraphs (c) and (d) above; (f) one of the issue documents contains a term which prohibits the repayment of any principal to the shareholder except in Case A or Case B. (2) Case A is the winding up or dissolution of the credit union in circumstances where all sums due from the credit union to creditors claiming in the winding up or dissolution are paid in full. (3) Case B is where— (a) the credit union applies to the appropriate authority for consent to repay principal to the shareholder, (b) the credit union so applies otherwise than in consequence of a provision in any of the issue documents which requires it to apply, grants it any benefit for applying or imposes a sanction against failure to apply, and (c) the appropriate authority grants consent. (4) “Creditors” in subsection (2) above includes members holding shares, other than deferred shares, in the credit union, as regards the principal of those shares and any interest or dividend due on them. (5) On any modification of the definition of “deferred shares” in the Building Societies Act 1986 or an instrument made under that Act, the Treasury may, by order, modify the meaning of deferred shares in this section so as to assimilate it to the modified definition.
31A
(1) In this Act, references to deferred shares are to a class of shares where— (a) the rights and obligations of the credit union and the member in respect of those shares are set out in a single document, or in a series of documents (“the issue documents”); (b) each of the issue documents is provided to every applicant for the shares; (c) one of the issue documents contains a prominent statement to the effect that the shares are deferred shares for the purposes of this Act; (d) each of the issue documents contains a prominent statement stating whether the shares are, or are not, an investment covered by the Financial Services Compensation Scheme (see section 213 of the Financial Services and Markets Act 2000); (e) any document evidencing title to the shares contains the statements required by paragraphs (c) and (d) above; (f) one of the issue documents contains a term which prohibits the repayment of any principal to the shareholder except in Case A or Case B. (2) Case A is the winding up or dissolution of the credit union in circumstances where all sums due from the credit union to creditors claiming in the winding up or dissolution are paid in full. (3) Case B is where— (a) the credit union applies to the appropriate authority for consent to repay principal to the shareholder, (b) the credit union so applies otherwise than in consequence of a provision in any of the issue documents which requires it to apply, grants it any benefit for applying or imposes a sanction against failure to apply, and (c) the appropriate authority grants consent. (4) “Creditors” in subsection (2) above includes members holding shares, other than deferred shares, in the credit union, as regards the principal of those shares and any interest or dividend due on them. (5) On any modification of the definition of “deferred shares” in the Building Societies Act 1986 or an instrument made under that Act, the Treasury may, by order, modify the meaning of deferred shares in this section so as to assimilate it to the modified definition.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.