Statutory Rules of Northern Ireland
2006 No. 77
CREDIT UNIONS
The Credit Unions (Limit on Shares) Order (Northern Ireland) 2006
Made
2nd March 2006
To be laid before Parliament under paragraph 7(3) of the Schedule to the Northern Ireland Act 2000
Coming into operation
1st April 2006
Citation and commencement
1. This Order may be cited as the Credit Unions (Limit on Shares) Order (Northern Ireland) 2006 and shall come into operation on 1st April 2006.
Limit on shares
2. In Article 14(3) of the Credit Unions (Northern Ireland) Order 1985 (which provides that a member of a credit union shall not have or claim any interest in the shares of a credit union exceeding the greater of £10,000 and 1.5 per cent of the total shareholdings in the credit union(3)), for “£10,000”(4) there shall be substituted “£15,000”.
Revocation
3. The Credit Unions (Limit on Shares) Order (Northern Ireland) 1993 is hereby revoked.
Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 2nd March 2006.
L.S.
Mike Bohill
A senior officer of the
Department of Enterprise, Trade and Investment
Explanatory Note
(This note is not part of the Order)
This Order increases the limit on shareholding of a credit union member from the greater of £10,000 and 1.5% of total shareholdings in the credit union to the greater of £15,000 and 1.5% of total shareholdings in the credit union.
Formerly the Department of Economic Development, renamed as the Department of Enterprise, Trade and Investment by the Departments (Northern Ireland) Order 1999 (S.I. 1999 No. 283 (N.I. 1))
S.I. 1985/1205 (N.I. 12)
As amended by S.I. 1997/2984 (N.I. 22)
As substituted by S.R. 1993 No. 428