
1 
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.
2 
In this Order —
 “the 1965 Act” means the Industrial and Provident Societies Act 1965 ;
 “the 1979 Act” means the Credit Unions Act 1979.
3 
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”.
4 
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”.
5 
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”.
J M Bridgeman
Chief Registrar of Friendly Societies
20th December 1989We consent to this Order
John Taylor
Kenneth Carlisle
Two of the Lords Commissioners of Her Majesty’s Treasury
20th December 1989