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

The Credit Unions (Northern Ireland) Order 1985 (NI 12)

43.  In Article 2(2) (interpretation) at the appropriate place insert—

““year-end balance sheet” means a balance sheet relating to the position at the end of a year of account;”.

44.  After Article 78 insert—

“78A.    Incidental, transitional, etc. provision

An order under any of the following may contain such incidental, transitional, transitory or saving provision as the Department considers appropriate—

(a) Article 14A(7) (alteration of maximum proportion of corporate members);

(b) Article 23A(4) (alteration of threshold amount required for credit union to issue or retain interest-bearing shares);

(c) Article 28(1B) (alteration of maximum proportion of loan book which may be made to corporate members).”.

(45) In Schedule 1 (matters to be provided for in rules of credit union), after paragraph 13 insert—

If the issue of interest-bearing shares is permitted, provision for the conversion of such shares into shares that are not interest-bearing in order to comply with Article 23B(3).”.