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The Credit Unions (Northern Ireland) Order 1985
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Liability of members in winding-upN.I.
69. 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(e)in the case of a share which has been withdrawn, a person shall be taken to have ceased to be a member in respect of that share as from the date of the notice of application for withdrawal.
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