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

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

This section amends Article 36(5) of the 1985 Order. That Article currently imposes a requirement that a dividend of not less than 3% is paid on all paid-up shares before a credit union can apply any of its surplus funds for social, cultural or charitable purposes (up to a maximum of 10%). The section removes the minimum amount of the dividend, although it still requires that a dividend be paid to members before surplus funds are applied to those purposes.

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Text created by the Northern Ireland Assembly department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes accompany all Acts of the Northern Ireland Assembly.


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