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The Credit Unions (Northern Ireland) Order 1985, Section 69 is up to date with all changes known to be in force on or before 01 June 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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69. Where a credit union is wound up by virtue of Article 68(a), the liability of a present or past member of the credit union to contribute for payment of the debts and liabilities of the credit union, the expenses of winding-up, and the adjustment of the rights of contributories amongst themselves, shall be qualified as follows, that is to say—
(a)no person who ceased to be a member not less than one year before the beginning of the winding-up shall be liable to contribute;
(b)no person shall be liable to contribute in respect of any debt or liability contracted after he ceased to be a member;
(c)no person who is not a member shall be liable to contribute unless it appears to the court that the contributions of the existing members are insufficient to satisfy the just demands on the credit union;
(d)no contribution shall be required from any person exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a past or present member;
(e)in the case of a share which has been withdrawn, a person shall be taken to have ceased to be a member in respect of that share as from the date of the notice of application for withdrawal.
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