Schedule 14, paragraph 7

Section 11 (loans) is amended as follows. In subsection (1)— omit “to a member”; at the end insert , to— a member, or another credit union (whether or not a member). After subsection (1) insert— Where a loan is made under subsection (1)(b) to a credit union that is not a member of the lending credit union, the maximum period within which the loan must be repaid is six months. After subsection (7) insert— An order under subsection (5) may make different provision in relation to— loans made to a member; loans made to a credit union that is not a member of the lending credit union.

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Source: legislation.gov.uk · retrieved 2026-09-04