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The Credit Unions (Northern Ireland) Order 1985

1985/1205 · Made 31 July 1985 · Extends to Northern Ireland

Up to date with all changes known to legislation.gov.uk, revised to 8 December 2020.

31st July 1985 C1C2

Annotations to the whole text

Modifications

C1

Order power to amend conferred (21.2.2009) by Banking Act 2009 (c. 1), ss. 159, 167, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3

C2

Order power to amend conferred (24.1.2013) by Financial Services Act 2012 (c. 21), s. 50(2)(g) (with Sch. 20); S.I. 2013/113, art. 2(1)(a)

Contents

  1. Part: Introductory
  2. 1Title and commencement
  3. 2Interpretation
  4. 2AThe registrar and assistant registrar Repealed
  5. Part: Registration as a credit union
  6. 3Registration
  7. 3ACommon bonds: corporate members
  8. 4Supplementary provisions as to registration
  9. 5Registration to effect incorporation of credit union with limited liability
  10. 6Use of name “ credit union ”, etc.
  11. 7Change of name
  12. Part: Rules
  13. 8Rules
  14. 9Supplementary provisions as to rules
  15. 10Amendment or registered rules
  16. 11Rules to bind members
  17. 12Provision of copies of rules
  18. Part: Membership of credit union
  19. 13Minimum number of members
  20. 14Membership and voting rights
  21. 14ACorporate members
  22. 15Members under the age of 18
  23. 16Remedy for debts from members
  24. 17Nomination to property in credit union
  25. 18Proceedings on death of nominator
  26. 19Provision for small payments on death
  27. 20Payments in respect of mentally incapable persons
  28. 21Validity of payment to persons apparently entitled
  29. Part: Operation of credit union
  30. 22Restriction on business of credit union Repealed
  31. 23Shares
  32. 23APower to issue interest-bearing shares
  33. 23BDuties where interest-bearing shares have been issued
  34. 24Prohibition on carrying on banking Repealed
  35. 25Prohibition on deposit-taking
  36. 26Deposits by persons too young to be members
  37. 27Power to borrow money
  38. 28Loans by credit unions
  39. 28ALoans to be treated as secured
  40. 28BLoans by approved credit unions Repealed
  41. 28CGrant of certificates of approval Repealed
  42. 28DWithdrawal of certificates of approval Repealed
  43. 29Promissory notes and bills of exchange
  44. 30Contracts
  45. 31Charges on assets of credit unions
  46. 32Holding of land
  47. 33Investments Repealed
  48. 34Discharge of mortgages
  49. 35Receipt on payment of money secured to a credit union
  50. 36Application of surplus
  51. 37Insurance against fraud or other dishonesty Repealed
  52. 38Guarantee funds
  53. 39Prohibition on undischarged bankrupts and other persons Repealed
  54. Part: Accounts, etc.
  55. 40Books of account, etc.
  56. 41Form in which books of account may be kept
  57. 42Accounts and balance sheets
  58. 43Obligation to appoint auditors
  59. 44Re-appointment and removal of qualified auditors
  60. 45Resolutions relating to appointment and removal of auditors
  61. 46Qualified auditors
  62. 47Auditors' report, right of access and to be heard
  63. 48Remuneration of qualified auditors
  64. 49Annual returns
  65. 50Display of latest balance sheet Repealed
  66. Part: Officers, receivers, etc.
  67. 51Security by officers
  68. 52Duty of officers to account
  69. 53Duties of receiver or manager of credit union's property
  70. Part: Registers, books, etc.
  71. 54Register of members and officers
  72. 55Restriction on inspection of books
  73. 56Inspection of books by order of FCA
  74. 57Production of documents and provision of information
  75. Part: Suspension of credit union, etc.
  76. 58Appointment of inspectors and calling of special meetings
  77. 59Suspension of credit union's operations Repealed
  78. 60Cancellation of registration
  79. 61Suspension of registration
  80. 62Appeals
  81. 63Petition for winding-up
  82. Part: Amalgamations and transfers of engagements
  83. 64Restrictions on amalgamations and transfers of engagements
  84. 65Amalgamation of credit unions
  85. 66Transfer of engagements between credit unions
  86. 67Saving for rights of creditors
  87. Part: Dissolution of credit union
  88. 68Dissolution of credit union
  89. 69Liability of members in winding-up
  90. 70Instrument of dissolution
  91. 71Restriction on dissolution or cancellation of registration of credit union
  92. Part: Disputes, offences and legal proceedings
  93. 72Decision of disputes
  94. 73Offences by credit unions
  95. 74Fraud or misappropriation
  96. 75Falsification
  97. 76Prosecution of offences
  98. 77Recovery of costs, etc.
  99. Part: Miscellaneous and general
  100. 78Regulations and orders Repealed
  101. 78AIncidental, transitional, etc. provision
  102. 79Fees Repealed
  103. 80Form, deposit and evidence of documents
  104. 80AForm etc of electronic documents
  105. 80BPower of FCA or PRA to impose requirements as to form etc of electronic documents
  106. 80CFees for inspection and copying of documents
  107. 81Annual reports by registrar Repealed
  108. 82Great Britain credit unions
  109. 83Savings, amendments and repeals
  110. Schedule 1: MATTERS TO BE PROVIDED FOR IN RULES OF CREDIT UNION
  111. 1Paragraph 1
  112. 2Paragraph 2
  113. 3Paragraph 3
  114. 4Paragraph 4
  115. 5Paragraph 5
  116. 6Paragraph 6
  117. 7Paragraph 7
  118. 8Paragraph 8
  119. 9Paragraph 9
  120. 10Paragraph 10
  121. 11Paragraph 11
  122. 11AParagraph 11A
  123. 12Paragraph 12
  124. 13Paragraph 13
  125. 13AParagraph 13A
  126. 14Paragraph 14
  127. Schedule 2: FORM OF RECEIPT ON MORTGAGE, ETC.
  128. Paragraph
  129. Paragraph
  130. Paragraph
  131. Paragraph
  132. Paragraph
  133. Paragraph
  134. Paragraph
  135. Schedule 3
  136. 1Paragraph 1
  137. 2Paragraph 2
  138. 3Paragraph 3
  139. 4Paragraph 4
  140. 5Paragraph 5
  141. Schedule 4: SAVINGS
  142. 1Paragraph 1
  143. 2Paragraph 2 Repealed
  144. 3Paragraph 3
  145. Schedule Schedule
  146. Schedule Schedule