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The Credit Unions (Northern Ireland) Order 1985
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The Credit Unions (Northern Ireland) Order 1985, Section 14A 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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[F1Corporate membersN.I.
14A—(1) A credit union may admit persons of a kind mentioned in Article 14(1)(b)(i) to (iii) (persons who will, if admitted, be corporate members) if its rules so provide.
(2) The number of corporate members of a credit union must not exceed 10% of the total number of members.
(3) For the purposes of paragraph (2) the number of corporate members and the total number of members are to be determined in accordance with Article 13(1A) and (1B) (membership rules: treatment of corporate members).
(4) The number of shares in a credit union allotted to corporate members must not exceed 25% of the total number of allotted shares.
(5) For the purposes of paragraph (4) the total number of allotted shares is the total found in the most recent year-end balance sheet submitted to the appropriate authority.
(6) Where shares are allotted to an individual who is a corporate member, then for the purpose of determining the amount of the interest in the shares of the credit union held by each of its members—
(a)the partnership or, as the case may be, the unincorporated association is to be treated as a member holding the shares, and
(b)the shares are not to be treated as being held by the individual.
(7) The Department may by order substitute for the percentage for the time being specified in paragraph (2) or (4) such other percentage as it considers appropriate.]
F1Art. 14A inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 1(3), 17
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