Article 4 Supplementary provisions as to registration

Northern Ireland

(1)

An application for the registration of a society under this Order shall be signed by 21 members and the secretary of the society and shall be sent F1to the FCA with 2 copies of the society’s rules or, if the application is made by electronic means, one copy of those rules .

(2)

On being satisfied that a society has complied with the provisions of this Order as to registration the F2FCA shall issue to the credit union an acknowledgement of registration F3, bearing the FCA’s seal, which shall be conclusive evidence that the credit union is duly registered under this Order unless it is proved that the registration of the credit union has been cancelled or is for the time being suspended.

F4(2A)

The FCA must not issue an acknowledgement of registration under paragraph (2) unless—

(a)

if the FCA is the appropriate regulator (within the meaning given in section 55A of the 2000 Act), it proposes to give the society permission under Part 4A of the 2000 Act to accept deposits; or

(b)

if the PRA is the appropriate regulator (within the meaning given in section 55A of the 2000 Act), the PRA has confirmed to the FCA that it proposes to give the society permission under Part 4A of the 2000 Act to accept deposits.

(3)

A society whose objects are wholly or substantially those of a credit union within the meaning of Article 3(3) shall not be registered otherwise than as a credit union under this Order and any such registration shall be void.

Annotations

Textual amendments

F1: Words in art. 4(1) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 7(a) (with art. 3)
F2: Word in art. 4(2) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 2(c) (with art. 3)
F3: Words in art. 4(2) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 7(b) (with art. 3)
F4: Art. 4(2A) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 7(c) (with art. 3)