This order, which comes into force on 1 April 2019, sets out the specified date for the purposes of Part 1 of Schedule 1AA of the Friendly Societies and Credit Unions Act 1982 (the Act) (see clause 1(2) of that schedule). Schedule 1AA is inserted into the Act by the Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Act 2018 (the Amendment Act). The Amendment Act comes into force on 1 April 2019 (see Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Act 2018 Commencement Order 2018).

The amendments made to the Act by the Amendment Act require credit unions to be incorporated. Part 1 of Schedule 1AA sets out the incorporation-related transitional provisions that apply to credit unions in existence when the Amendment Act comes into force. Clause 3(1) of that schedule requires all existing credit unions to submit an application for incorporation to the Registrar of Friendly Societies and Credit Unions (the Registrar). Credit unions are required to submit this application on or before 30 September 2019 (which is the date that is 6 months beginning with the commencement date of the Amendment Act). If the Registrar approves an application, a certificate of incorporation is issued. That certificate will state the date of incorporation of the credit union (see clause 3(7) of Schedule 1AA).

The date of incorporation will be—

• 1 January 2020 (which is the specified date set out in this order); or

• if the application is approved by the Registrar on or after 1 January 2020, the date immediately after the date on which the certificate issued.