# The Credit Unions (Northern Ireland) Order 1985, Article 69: Liability of members in winding-up


Where a credit union is wound up by virtue of Article 68(a), the liability of a present or past member of the credit union to contribute for payment of the debts and liabilities of the credit union, the expenses of winding-up, and the adjustment of the rights of contributories amongst themselves, shall be qualified as follows, that is to say—
(a) no person who ceased to be a member not less than one year before the beginning of the winding-up shall be liable to contribute;
(b) no person shall be liable to contribute in respect of any debt or liability contracted after he ceased to be a member;
(c) no person who is not a member shall be liable to contribute unless it appears to the court that the contributions of the existing members are insufficient to satisfy the just demands on the credit union;
(d) no contribution shall be required from any person exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a past or present member;
(e) in the case of a share which has been withdrawn, a person shall be taken to have ceased to be a member in respect of that share as from the date of the notice of application for withdrawal.

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Source: https://www.legislation.gov.uk/nisi/1985/1205/article/69 (the official version)
Page: https://openlegislation.uk/credit-unions-northern-ireland-order-1985/article-69
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.