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The Credit Unions (Deposits and Loans) Order (Northern Ireland) 2006

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Citation, commencement and interpretation

1.  This Order may be cited as the Credit Unions (Deposits and Loans) Order (Northern Ireland) 2006 and shall come into operation on 1st April 2006.

2.  In this Order:

“Paid up shareholding” shall mean the sum total of shares held by a person in membership of a credit union.

“the 1985 Order” shall mean the Credit Unions (Northern Ireland) Order 1985.

Limit on deposits by persons too young to be members

3.  Article 26(1) of the 1985 Order (which provides that a credit union may take deposits up to a total of £1,000(1) from a person who is under the age at which, by virtue of Article 15(2), he may become a member of the credit union), is amended so as to specify the amount of £10,000 instead of £1,000.

Limit on loan amounts

4.  In Article 28(2) of the 1985 Order (which provides that the total amount on loan to a member of a credit union shall not at any time be more than £10,000(3) in excess of his total paid-up shareholding in the credit union at that time), the specified sum shall be “£15,000” instead of “£10,000”.

Maximum repayment period for unsecured loans

5.  In Article 28(4)(a) of the 1985 Order (which provides that the maximum period within which an unsecured loan by a credit union must be repaid shall be 4 years(4)) the specified period shall be 5 years instead of 4 years.

Revocation

6.  The Credit Unions (Loans and Deposits) Order (Northern Ireland) 1993 is 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

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