Article 23B Duties where interest-bearing shares have been issuedF1

(1)

This Article applies to a credit union that has issued interest-bearing shares.

(2)

The credit union must give the appropriate authority a relevant report each year, by the date specified by the appropriate authority for the purposes of this paragraph.

(3)

The credit union must convert any interest-bearing shares in issue into shares that are not interest-bearing if—

(a)

its rules cease to provide for the issue of interest-bearing shares,

(b)

neither its most recent year-end balance sheet nor the year-end balance sheet preceding it shows that the credit union holds reserves of at least the threshold amount,

(c)

neither of those balance sheets was given to the appropriate authority by the specified date, or

(d)

for two consecutive years it has not complied with paragraph (2).

(4)

In this Article—

“relevant report” and “threshold amount” have the same meaning as in Article 23A;
“specified date”, in relation to a credit union's year-end balance sheet, means the date by which rules under the 2000 Act require the credit union to give a copy of the balance sheet to the appropriate authority.

Annotations

Textual amendments

F1: Art. 23A - Art. 23B inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 3(2), 17