The Credit Unions (Northern Ireland) Order 1985

1Title and commencement

2Interpretation

2AThe registrar and assistant registrar

Registration as a credit union

3ACommon bonds: corporate members

4Supplementary provisions as to registration

5Registration to effect incorporation of credit union with limited liability

6Use of name “ credit union ”, etc.

7Change of name

9Supplementary provisions as to rules

10Amendment or registered rules

11Rules to bind members

12Provision of copies of rules

Membership of credit union

13Minimum number of members

14Membership and voting rights

14ACorporate members

15Members under the age of 18

16Remedy for debts from members

17Nomination to property in credit union

18Proceedings on death of nominator

19Provision for small payments on death

20Payments in respect of mentally incapable persons

21Validity of payment to persons apparently entitled

Operation of credit union

22Restriction on business of credit union

23APower to issue interest-bearing shares

23BDuties where interest-bearing shares have been issued

24Prohibition on carrying on banking

25Prohibition on deposit-taking

26Deposits by persons too young to be members

27Power to borrow money

28Loans by credit unions

28ALoans to be treated as secured

28BLoans by approved credit unions

28CGrant of certificates of approval

28DWithdrawal of certificates of approval

29Promissory notes and bills of exchange

31Charges on assets of credit unions

32Holding of land

34Discharge of mortgages

35Receipt on payment of money secured to a credit union

36Application of surplus

37Insurance against fraud or other dishonesty

38Guarantee funds

39Prohibition on undischarged bankrupts and other persons

40Books of account, etc.

41Form in which books of account may be kept

42Accounts and balance sheets

43Obligation to appoint auditors

44Re-appointment and removal of qualified auditors

45Resolutions relating to appointment and removal of auditors

46Qualified auditors

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

48Remuneration of qualified auditors

49Annual returns

50Display of latest balance sheet

Officers, receivers, etc.

51Security by officers

52Duty of officers to account

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

Registers, books, etc.

54Register of members and officers

55Restriction on inspection of books

56Inspection of books by order of FCA

57Production of documents and provision of information

Suspension of credit union, etc.

58Appointment of inspectors and calling of special meetings

59Suspension of credit union's operations

60Cancellation of registration

61Suspension of registration

63Petition for winding-up

Amalgamations and transfers of engagements

64Restrictions on amalgamations and transfers of engagements

65Amalgamation of credit unions

66Transfer of engagements between credit unions

67Saving for rights of creditors

Dissolution of credit union

68Dissolution of credit union

69Liability of members in winding-up

70Instrument of dissolution

71Restriction on dissolution or cancellation of registration of credit union

Disputes, offences and legal proceedings

72Decision of disputes

73Offences by credit unions

74Fraud or misappropriation

75Falsification

76Prosecution of offences

77Recovery of costs, etc.

Miscellaneous and general

78Regulations and orders

78AIncidental, transitional, etc. provision

80Form, deposit and evidence of documents

80AForm etc of electronic documents

80BPower of FCA or PRA to impose requirements as to form etc of electronic documents

80CFees for inspection and copying of documents

81Annual reports by registrar

82Great Britain credit unions

83Savings, amendments and repeals

SCHEDULE 1MATTERS TO BE PROVIDED FOR IN RULES OF CREDIT UNION

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SCHEDULE 2FORM OF RECEIPT ON MORTGAGE, ETC.

The Limited hereby acknowledges that it has this day of 19

The Limited hereby acknowledges that it has this day of 19

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

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

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

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

) Board of Directors

) Board of Directors

SCHEDULE 3(1) Not less than 14 days before giving a direction, the registrar shall serve on...

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

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

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

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

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

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

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

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

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

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

SCHEDULE 4SAVINGS

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

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

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

Schedule 5—Amendments

Schedule 6—Repeals

1985 No. 1205 (N.I. 12)

The Credit Unions (Northern Ireland) Order 1985

31st July 1985 C1 C2

Annotations:

Modifications etc. (not altering text)

C1

Order power to amend conferred (21.2.2009) by Banking Act 2009 (c. 1), ss. 159, 167, 263(1) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3

C2

Order power to amend conferred (24.1.2013) by Financial Services Act 2012 (c. 21), s. 50(2)(g) (with Sch. 20); S.I. 2013/113, art. 2(1)(a)