Article 32 Holding of land
Northern Ireland
A credit union may acquire and hold in its own name any land for the purpose of conducting its business on the land but, subject to paragraph (2), for no other purpose, and may dispose of any such land; and—
no person shall be bound to inquire as to the authority for any dealing with the land by a credit union; and
the receipt of the credit union shall be a discharge for all money arising from or in connection with any dealing with land by it.
A credit union may hold any estate in land so far as is necessary for the purpose of making loans to its members on the security of an estate in land and of enforcing any such security.
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Annotations
Textual amendments
- F1
Art. 32(3)(4) 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(18)