Section 66A Dissolution of a society by an instrument of dissolutionF1

Northern Ireland

(1)

A registered society may be dissolved by an instrument of dissolution that complies with section 67 and is approved—

(a)

in the case of any society, by at least 75% of the society's members consenting to it, that consent being testified by their signatures to the instrument, or

(b)

in the case of a dormant society, by a special resolution of the society.

(2)

“Dormant society” means a society—

(a)

whose accounts for the current year of account and the two years of account preceding it show no accounting transactions except—

(i)

fees paid to the registrar;

(F2ii)

fees paid before 6th April 2018 to the officer appointed to perform in Northern Ireland the functions of a registrar of credit unions;

(iii)

fees paid to the PRA;

(iv)

payments of dividends;

(v)

payments of interest; and

(b)

that has notified the registrar that it is dormant.

(3)

“Special resolution” has the same meaning as in section 59.

Annotations

Textual amendments

F1: S. 66A inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), ss. 13(2), 17(1)
F2: S. 66A(2)(a)(ii) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 2 para. 19 (with art. 3)

Notes on the whole Act

Textual amendments

F1: Act: "The Industrial and Provident Societies (N.I.) Act 1969 may be cited as The Co-operative and Community Benefit Societies Act (N.I.) 1969" (6.4.2018) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 8(2), 17(2) (with Sch. 2 paras. 2, 3); S.R. 2017/217, art. 2(b)
F2: 1981 NI 3