Section 14 Computation and application of profits.

England, Wales and Scotland

F1(1)

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F2(2)

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(3)

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F3(4)

The dividend payable on any shares of a credit union shall—

(a)

on its dissolution, not exceed a rate of 8 per cent per annum or such other rate as may be specified by order made by the Treasury; and

(b)

at any other time, not exceed that rate except to the extent that the rules of the credit union provide otherwise.

(5)

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(6)

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(7)

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Annotations

F1: S. 14(1)(7) omitted (2.7.2002) by virtue of S.I. 2002/1501, arts. 1(1), 2(10)
F2: S. 14(2)(3)(5)(6) repealed (2.7.2002) by 2000 c. 8, ss. 338(4), 432(3), Sch. 18 Pt. V para. 25, Sch. 22; S.I. 2001/3538, art. 2(5)
F3: S. 14(4) substituted (8.1.2012) by The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 21 (with arts. 25, 26)