Power of the Executive to enter into indemnity agreements with recognised bodiesN.I.
41. After Article 156 of the Order of 1981 (and before Article 156A of that Order) there shall be inserted the following Article—
“Indemnity agreement with recognised bodies
156AA.—(1) Article 156 shall apply in relation to recognised bodies, subject to the modifications set out in paragraphs (2) to (4)
(2) In paragraphs (1) to (5) of Article 156, for any reference to a building society there shall be substituted a reference to a recognised body.
(3) In paragraph (5)(b) of that Article the reference to the Registrar of Friendly Societies for Northern Ireland shall be omitted.
(4) For paragraph (6) of that Article there shall be substituted the following paragraphs—
“(6) In this Article “recognised body” means any body specified or of a class or description specified in an order made by the Department, with the consent of the Department of Finance and Personnel.
(7) Before making an order under paragraph (6) varying or revoking an order previously made, the Department shall give an opportunity for representations to be made on behalf of any recognised body which, if the Order were made, would cease to be such a body.
(8) An order made under paragraph (6) shall be subject to negative resolution” .”