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The Credit Unions (Northern Ireland) Order 1985
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Changes over time for: Section 14
Version Superseded: 01/04/2006
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- 01/01/2006- Amendment
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- 23/04/2016- Amendment
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The Credit Unions (Northern Ireland) Order 1985, Section 14 is up to date with all changes known to be in force on or before 25 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Membership and voting rightsN.I.
14.—(1) Only individuals shall be members of a credit union.
(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) A member of a credit union shall not have or claim any interest in the shares of a credit union exceeding[F1 the greater of £10,000 and 1.5 per cent. of the total shareholdings in the credit union].
(4) An order may amend paragraph (3) so as to substitute for the sum provided for in that paragraph such other sum, not being less than £3,000, as may be specified in the order.
[F1(4A) Where paragraph (3) would be breached in relation to a member of a credit union because of a reduction in the total shareholdings in the credit union, that paragraph shall, in relation to him, have effect, as respects any shares which he had, or interest which he claimed, immediately before the reduction, as if there were added at the end “ at the time or latest time, when he acquired shares, or an interest in the shares, of the credit union ”.]
(5) A member of a credit union who ceases to have the required qualifications for admission to membership shall be entitled, subject to paragraph (6), to retain his membership unless the rules of the credit union provide otherwise.
(6) The number of non-qualifying members of a credit union shall not at any time exceed 10 per cent of the total membership of the credit union.
(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 andF1. . . 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.
[F1(10) For the purposes of paragraph (3), the total shareholdings in a credit union at any time shall be taken to be the total shareholdings as shown in the most recent audited balance sheet to have been sent to the registrar under Article 49(1).]
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