Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 Explanatory Notes

1. Introduction

2. Background and Policy Objectives

3. Overview

4. Commentary on Sections

   1. Section 1: Corporate members of credit unions

   2. Section 2: Removal of restriction on non-qualifying members of a credit union

   3. Section 3: Interest-bearing shares

   4. Section 4: Attachment of shares

   5. Section 5: Supply by credit union of copies of its rules

   6. Section 6: Application of surplus funds towards social, cultural or charitable purposes

   7. Section 7: Application of directors disqualification provisions to credit unions

   8. Section 8: Registration of societies as co-operative or community benefit societies etc

   9. Section 9: Members under 18 years old

   10. Section 10: Removal of limit on holding of non-withdrawable shares

   11. Section 11: Year of account

   12. Section 12: Publication of unaudited interim accounts

   13. Section 13: Dissolution of a registered society by an instrument of dissolution

   14. Section 14: Review of Section 1

   15. Schedule 1: Minor and consequential amendments

       1. Part 1: Amendments consequential on section 1

       2. Part 2 Amendments consequential on Section 8

       3. Part 3 Minor and consequential amendments: general

       4. Part 4 removal of obsolete material

   16. Schedule 2: Transitional provision

5. Hansard Reports