(1)The Treasury may make reciprocal arrangements with the Department of Commerce for Northern Ireland or such other authority as may be specified for the purposes of this subsection by any Measure of the Northern Ireland Assembly with a view to securing that, on or after the commencement of this Act,—
(a)the law applicable in England and [F1Wales, or (as the case may be) Scotland, to [F2societies registered as credit unions under the 2014 Act]] may be applied, in such cases and subject to such modifications as may be provided in the arrangements, to Northern Ireland credit unions; and
(b)the law applicable in Northern Ireland to Northern Ireland credit unions may be applied, in such cases and subject to such modifications as may be provided in the arrangements, to [F3societies registered as credit unions under the 2014 Act] ;
and [F4 section 142 of the 2014 Act ] (which enables societies registered in Northern Ireland to be treated for certain purposes as if they were registered under that Act) shall not apply to Northern Ireland credit unions.
(2)The Treasury may by regulations F5. . . make provision for giving effect to any arrangements made under subsection (1) above, and such regulations may in particular—
(a)confer rights and obligations (appropriate to credit unions) under this Act and [F6 the 2014 Act ] on Northern Ireland credit unions in such circumstances as may be specified in the regulations;
(b)confer functions on [F7each of the FCA and the PRA] in relation to Northern Ireland credit unions; and
(c)make such modifications of this Act, [F6 the 2014 Act ] and the M1 Government of Ireland (Companies, Societies, etc.) Order 1922 as appear to the Treasury to be expedient to give effect to the arrangements.
(3)In this section “Northern Ireland credit union” means a society registered as a credit union under the law of Northern Ireland.
(4)An Order in Council made under paragraph 1(1)(b) of Schedule 1 to the M2Northern Ireland Act 1974 which contains a statement that its purposes correspond to those of this Act shall be subject to annulment in pursuance of a resolution of either House of Parliament instead of the Order, or a draft of the Order, being subject to the procedure set out in paragraph 1(4) or (5) of that Schedule.
Textual Amendments
F1Words in s. 32(1)(a) substituted (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(1), Sch. 3 Pt. IV para. 290(a) (with art. 13(3)); S.I. 2001/3538, art. 2(1)
F2Words in s. 32(1)(a) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 4 para. 1 (with art. 3)
F3Words in s. 32(1)(b) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 4 para. 1 (with art. 3)
F4Words in s. 32(1) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 17(2) (with Sch. 5)
F5Words in s. 32(2) omitted (3.7.2002) by virtue of S.I. 2002/1555, arts. 1, 7(4)
F6Words in s. 32(2) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 17(3) (with Sch. 5)
F7Words in s. 32(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 18(3) (with Sch. 12)
Marginal Citations
M1S.R. & O. 1922 No. 184