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The Credit Unions (Northern Ireland) Order 1985

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The Credit Unions (Northern Ireland) Order 1985, Section 36 is up to date with all changes known to be in force on or before 13 December 2019. 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. Help about Changes to Legislation

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[F1Application of surplus]N.I.

36.—(1) F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F4(3) Following the application of such amount of its surplus funds to its reserves as may be required by rules made by the [F5FCA under the 2000 Act and, if the society is a PRA-authorised person, rules made by the PRA under the 2000 Act], a credit union may apply such proportion of the remaining amount available for distribution in respect of any year of account (that is to say, the surplus for that year reduced or increased by any transfer to or from general reserve) in one or more of the following ways as the credit union may in general meeting determine—

(a)subject to paragraph (4), in the payment to members of dividends on the amount of their paid-up shares;

(b)as a rebate of interest paid by or due from members who have received loans from the credit union, such rebate being proportional to the interest paid by or due from such members during that year of account; and

(c)subject to paragraph (5), for social, cultural or charitable purposes.]

(4) The dividend payable on any shares of a credit union shall not exceed a rate of 8 per cent per annum or such other rate as an order may specify.

(5) No part of the amount available for distribution in respect of any year of account shall be applied by a credit union for the purposes mentioned in paragraph (3) (c) unless a dividend F6... is paid for that year on all paid-up shares of the credit union; and the total sum applied for those purposes out of the amount available for distribution in respect of any year of account shall not exceed 10 per cent of that amount.

(6) F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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