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The Credit Unions (Northern Ireland) Order 1985

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  1. Introductory Text

  2. Introductory

    1. 1.Title and commencement

    2. 2.Interpretation

    3. 2A.The registrar and assistant registrar

  3. Registration as a credit union

    1. 3.Registration

    2. 3A.Common bonds: corporate members

    3. 4.Supplementary provisions as to registration

    4. 5.Registration to effect incorporation of credit union with limited liability

    5. 6.Use of namecredit union ”, etc.

    6. 7.Change of name

  4. Rules

    1. 8.Rules

    2. 9.Supplementary provisions as to rules

    3. 10.Amendment or registered rules

    4. 11.Rules to bind members

    5. 12.Provision of copies of rules

  5. Membership of credit union

    1. 13.Minimum number of members

    2. 14.Membership and voting rights

    3. 14A.Corporate members

    4. 15.Members under the age of 18

    5. 16.Remedy for debts from members

    6. 17.Nomination to property in credit union

    7. 18.Proceedings on death of nominator

    8. 19.Provision for small payments on death

    9. 20.Payments in respect of mentally incapable persons

    10. 21.Validity of payment to persons apparently entitled

  6. Operation of credit union

    1. 22.Restriction on business of credit union

    2. 23.Shares

    3. 23A.Power to issue interest-bearing shares

    4. 23B.Duties where interest-bearing shares have been issued

    5. 24.Prohibition on carrying on banking

    6. 25.Prohibition on deposit-taking

    7. 26.Deposits by persons too young to be members

    8. 27.Power to borrow money

    9. 28.Loans by credit unions

    10. 28A.Loans to be treated as secured

    11. 28B.Loans by approved credit unions

    12. 28C.Grant of certificates of approval

    13. 28D.Withdrawal of certificates of approval

    14. 29.Promissory notes and bills of exchange

    15. 30.Contracts

    16. 31.Charges on assets of credit unions

    17. 32.Holding of land

    18. 33.Investments

    19. 34.Discharge of mortgages

    20. 35.Receipt on payment of money secured to a credit union

    21. 36.Application of surplus

    22. 37.Insurance against fraud or other dishonesty

    23. 38.Guarantee funds

    24. 39.Prohibition on undischarged bankrupts and other persons

  7. Accounts, etc.

    1. 40.Books of account, etc.

    2. 41.Form in which books of account may be kept

    3. 42.Accounts and balance sheets

    4. 43.Obligation to appoint auditors

    5. 44.Re-appointment and removal of qualified auditors

    6. 45.Resolutions relating to appointment and removal of auditors

    7. 46.Qualified auditors

    8. 47.Auditors' report, right of access and to be heard

    9. 48.Remuneration of qualified auditors

    10. 49.Annual returns

    11. 50.Display of latest balance sheet

  8. Officers, receivers, etc.

    1. 51.Security by officers

    2. 52.Duty of officers to account

    3. 53.Duties of receiver or manager of credit union's property

  9. Registers, books, etc.

    1. 54.Register of members and officers

    2. 55.Restriction on inspection of books

    3. 56.Inspection of books by order of FCA

    4. 57.Production of documents and provision of information

  10. Suspension of credit union, etc.

    1. 58.Appointment of inspectors and calling of special meetings

    2. 59.Suspension of credit union's operations

    3. 60.Cancellation of registration

    4. 61.Suspension of registration

    5. 62.Appeals

    6. 63.Petition for winding-up

  11. Amalgamations and transfers of engagements

    1. 64.Restrictions on amalgamations and transfers of engagements

    2. 65.Amalgamation of credit unions

    3. 66.Transfer of engagements between credit unions

    4. 67.Saving for rights of creditors

  12. Dissolution of credit union

    1. 68.Dissolution of credit union

    2. 69.Liability of members in winding-up

    3. 70.Instrument of dissolution

    4. 71.Restriction on dissolution or cancellation of registration of credit union

  13. Disputes, offences and legal proceedings

    1. 72.Decision of disputes

    2. 73.Offences by credit unions

    3. 74.Fraud or misappropriation

    4. 75.Falsification

    5. 76.Prosecution of offences

    6. 77.Recovery of costs, etc.

  14. Miscellaneous and general

    1. 78.Regulations and orders

    2. 78A.Incidental, transitional, etc. provision

    3. 79.Fees

    4. 80.Form, deposit and evidence of documents

    5. 80A.Form etc of electronic documents

    6. 80B.Power of FCA or PRA to impose requirements as to form etc of electronic documents

    7. 80C.Fees for inspection and copying of documents

    8. 81.Annual reports by registrar

    9. 82.Great Britain credit unions

    10. 83.Savings, amendments and repeals

  15. SCHEDULES

    1. SCHEDULE 1

      MATTERS TO BE PROVIDED FOR IN RULES OF CREDIT UNION

      1. 1.The name of the credit union, which shall comply with Article 6(1) and (2).

      2. 2.The objects of the credit union which shall comply with Article 3(3).

      3. 3.The place which is to be the registered office of the credit union to which...

      4. 4.The qualifications required for, and the terms of, admission to membership of the credit union,...

      5. 5.The mode of holding meetings, including provisions as to the quorum necessary for the transaction...

      6. 6.The appointment and removal of board of directors and functional committees, by whatever name, and...

      7. 7.Determination ( subject to Article 14A(6) and to any applicable rules made by each of...

      8. 8.Provision for the mode of withdrawal of shares and for payment of the balance due...

      9. 9.The mode and circumstances in which loans to members are to be made and repaid,...

      10. 10.Provision for the custody and use of the credit union's seal.

      11. 11.Provision for the audit of accounts by one or more auditors appointed by the credit...

      12. 11A.Provision— (a) setting out the conditions which must be met for the transfer of shares...

      13. 12.Provision for the withdrawal of members from the credit union and for the claims of...

      14. 13.Provision for— (a) terminating the membership of corporate members in order to comply with the...

      15. 13A.If the issue of interest-bearing shares is permitted, provision for the conversion of such shares...

      16. 14.Provision for the dissolution of the credit union, including provision requiring any assets remaining after...

    2. SCHEDULE 2

      FORM OF RECEIPT ON MORTGAGE, ETC.

      1. The  Limited hereby acknowledges that it has this  day of  19

      2. The  Limited hereby acknowledges that it has this  day of  19

      3. received the sum of £  , representing all money intended to be secured by the...

      4. received the sum of £  , representing all money intended to be secured by the...

      5. [annexed] deed [and by a further charge dated, etc. , or otherwise as required].

      6. [annexed] deed [and by a further charge dated, etc. , or otherwise as required].

      7.   ) Board of Directors

      8.   ) Board of Directors

      9.   Secretary

      10.   Secretary

    3. SCHEDULE 3

      (1) Not less than 14 days before giving a direction, the registrar shall serve on...

      1. This div-1 has a number but no title; creating a P1group with an empty Title

      2. 1.Not less than 14 days before giving a direction, the registrar shall serve on the...

      3. This div-1 has a number but no title; creating a P1group with an empty Title

      4. 2.The registrar shall consider any representations with respect to the notice which may be made...

      5. This div-1 has a number but no title; creating a P1group with an empty Title

      6. 3.(1) On giving such a direction the registrar shall serve the direction on the credit...

      7. This div-1 has a number but no title; creating a P1group with an empty Title

      8. 4.Failure to serve a notice under this Schedule on a member of the board of...

      9. This div-1 has a number but no title; creating a P1group with an empty Title

      10. 5.Notice of the giving of a direction shall be published by the registrar in the...

    4. SCHEDULE 4

      SAVINGS

      1. 1.Where immediately before the date of the commencement of this Order a credit union with...

      2. 2.. . . . . . . . . . . . . . ....

      3. 3.The provisions of this Schedule shall have effect without prejudice to section 29 of the...

    5. Schedule 5—Amendments

    6. Schedule 6—Repeals

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