Article 14 Membership and voting rights

Northern Ireland

F1(1)

The following may be members of a credit union—

(a)

an individual (acting on his or her own behalf);

(b)

if, and to the extent, permitted by virtue of Article 14A—

(i)

a body corporate;

(ii)

an individual acting in the capacity as a partner in a partnership;

(iii)

an individual acting in the capacity as an officer or member of the governing body of an unincorporated association.

(2)

A person shall not be a member of a credit union unless he holds at least 1 fully paid-up share in that credit union, but the rules of the credit union shall not require a person to hold more than £5 in fully paid-up shares as a condition of membership.

(3)

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4A)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

A member of a credit union who ceases to have the required qualifications for admission to membership shall be entitledF3... to retain his membership unless the rules of the credit union provide otherwise.

F4(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

Non-qualifying members of a credit union shall be left out of account in determining for any purpose whether a common bond exists between the members of the credit union.

(8)

A non-qualifying member of a credit union shall be entitled, except so far as the rules of the credit union may provide otherwise, to purchase shares andF5. . . to receive loans.

(9)

Subject to any provision in the rules of a credit union as to voting by a chairman who has a casting vote, on every matter which is determined by a vote of members of a credit union every member shall be entitled to vote and shall have one vote only.

F6(9A)

Article 13(1A) and (1B) (membership rules: treatment of corporate members) apply for the purpose of paragraph (9); and the vote of the partnership or unincorporated association is to be cast by the corporate member.

(10)

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Art. 14(1) substituted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), ss. 1(2), 17
F2: Art. 14(3)-(4A) omitted (31.3.2012) by virtue of Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), arts. 1(2), 13(9)
F3: Words in art. 14(5) omitted (23.4.2016) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), ss. 2(a), 17
F4: Art. 14(6) omitted (23.4.2016) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), ss. 2(b), 17
F5: 1997 NI 22
F6: Art. 14(9A) inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), s. 17, Sch. 1 para. 4
F7: Art. 14(10) omitted (31.3.2012) by virtue of Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), arts. 1(2), 13(9)