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The Credit Unions (Northern Ireland) Order 1985, Section 33 is up to date with all changes known to be in force on or before 23 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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33.—(1) A credit union may not invest any part of its surplus funds except in the prescribed manner and regulations may contain provisions authorising the application of the funds of a credit union in any form of investment subject to any limitations as to amount, whether by reference to a fixed sum or by reference to a proportion of the total investments of the credit union or otherwise.
(2) Any surplus funds of a credit union which are not either—
(a)invested in accordance with paragraph (1), or
(b)kept in cash in the custody of officers of the credit union,
shall be kept by the credit union on current account with, or otherwise on loan to, an authorised bank.
(3) Where an institution ceases to be an authorised bank and any funds of a credit union are on loan to that institution, the credit union shall take all practicable steps to call in and realise the loan within the period of 3 months from the time when the institution ceased to be an authorised bank or, if that is not possible, as soon after the end of that period as possible.
(4) In this Article “surplus funds”, in relation to a credit union, means funds not immediately required for its purposes.
(5) Nothing in this Article shall—
(a)prevent a credit union from making a temporary loan to another credit union;F1. . .
Sub‐para. (b) rep. by 2001 c. 14 (NI)
(6) If a credit union contravenes any of the provisions of this Article, it shall be guilty of an offence and shall be liable—
(a)on conviction on indictment to a fine; or
(b)on summary conviction, to a fine not exceeding the statutory maximum.
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