The Credit Unions (Northern Ireland) Order 1985

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The Credit Unions (Northern Ireland) Order 1985, Introductory is up to date with all changes known to be in force on or before 06 October 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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Changes and effects yet to be applied to the whole Order associated Parts and Chapters:

Whole provisions yet to be inserted into this Order (including any effects on those provisions):

Sch.1 Pt.I amended by S.I. 1996/2653 art.2(b)
Sch.1 Pt.I rev.in pt. by S.I. 1996/2653 art.2(a)
Sch. 1 Pt. 1 words inserted by S.I. 1996/2653 art. 2(b)
Sch. 1 Pt. 1 words omitted by S.I. 1996/2653 art. 2(a)

IntroductoryN.I.

Title and commencementN.I.

1.—(1) This Order may be cited as the Credit Unions (Northern Ireland) Order 1985.

(2) This Order shall come into operation on such day or days as the Head of the Department may by order appointF1.

F1fully exercised by SR 1986/108

InterpretationN.I.

2.—(1) The [1954 c. 33 (N.I.)] Interpretation Act (Northern Ireland) 1954 shall apply to Article 1 and the following provisions of this Order as it applies to a Measure of the Northern Ireland Assembly.

(2) In this Order—

[F2 “ the 2000 Act ” means the Financial Services and Markets Act 2000; ]

“amendment”, in relation to the rules of a credit union, includes a new rule, and a resolution rescinding a rule, of the credit union;

“annual return” means the annual return which a credit union is required by Article 49 to send to the [F3FCA] ;

[F4“the appropriate authority” means—

(a)

in relation to a credit union which is a PRA -authorised person, the PRA ; and

(b)

in relation to a credit union which is not a PRA -authorised person, the FCA ; ]

“authorised bank” means—

(a)

[F5a person who has permission under [F6Part 4A] of the Financial Services and Markets Act 2000 to accept deposits;

(ab)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits;

(ac)

a municipal bank, that is to say a company which, immediately before the 1st December 2001 fell within the definition in section 103 of the Banking Act 1987;]

(b)

a trustee savings bank within the meaning of section 3 of the [1981 c. 65] Trustee Savings Banks Act 1981;

(c)

the National Savings Bank;

Sub.‐para. (d) rep. by SI 2001/1149

F7...

“board of directors” means the committee of management or other directing body of a credit union;

[F8"body corporate" includes a partnership regarded as a legal person under the law of the country or territory in which it was established;]

[F9“civil partner” includes former civil partner[F10 and reputed civil partner];]

[F8"corporate member" , in relation to a credit union, means—

(a)

a body corporate that is a member of the credit union,

(b)

an individual who is a member of the credit union in the individual's capacity as a partner in a partnership, or

(c)

an individual who is a member of the credit union in the individual's capacity as an officer or member of the governing body of an unincorporated association;]

“credit union” means a society registered under this Order or a society registered under [F11the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969] as a credit union;

“the Department” means the Department of Economic Development;

[F12“electronic form” means a document or information sent by electronic means (for example, by email of fax), or by any other means while in electronic form (for example, sending a disc in the post);]

[F12“electronic means” means a document or information sent initially and received at its destination by means of electronic equipment for the processing (which includes digital compression) or storage of data, and entirely transmitted, conveyed and received by wire, by radio, by optical means or by other electromagnetic means;]

[F4“the FCA” means the Financial Conduct Authority;]

[F13“the FCA’s seal” means the seal provided for in regulations made under section 109(1)(b) of the Friendly Societies Act 1974;]

[F14"interest-bearing share " means a share issued on terms which entitle the holder to interest but not to a dividend;]

“meeting”, includes, where the rules of a credit union so allow, a meeting of delegates appointed by members;

“member of the family”, in relation to any person, means—

(a)

his spouse[F9 or civil partner];

(b)

any lineal ancestor, lineal descendant, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, first cousin of his or his spouse[F9 or civil partner];

(c)

the spouse[F9 or civil partner] of any person within sub-paragraph (b);

(d)

adoptive father, mother, son or daughter;

and for the purpose of deducing any such relationship—

Sub‐para. (i) rep. by 1987 NI 22

(ii)

an illegitimate child or step-child shall be treated as[F9 the legitimate child of the relationship in question];

“non-qualifying member” means a person who remains a member of a credit union by virtue of Article 14(5) and includes, in relation to an amalgamated credit union or a credit union which has accepted a transfer of engagements, a person who does not have the required qualifications for admission to membership of that credit union but became a member of it by virtue of the amalgamation or transfer of engagements, having been immediately before the amalgamation or transfer a non-qualifying member of one of the amalgamating credit unions or, as the case may be, the credit union from which the transfer of engagements was made;

“officer”, includes any treasurer, secretary, member of the board of directors, manager or servant of the credit union other than a servant appointed by the board of directors, but does not include an auditor appointed by the credit union in accordance with the requirements of this Order;

“order” except in Article 1(2), means an order made by the Department subject to affirmative resolution;

[F4“the PRA” means the Prudential Regulation Authority;]

[F4“PRA-authorised person” has the meaning in section 2B of the 2000 Act;]

[F8"partnership" means a partnership not regarded as a legal person under the law of the country or territory in which it was established;]

“persons claiming through a member”, includes the heirs, executors or administrators and assignees of a member and, where nomination is allowed, his nominee;

F15...

“registered”, in relation to the name or an office of a credit union means for the time being registered under this Order;

“registered rules” means the rules of the credit union registered under this Order as for the time being in force after any amendment of the rules so registered;

F15...

“regulations” means regulations made by the Department subject to negative resolution;

“spouse” includes former spouse and reputed spouse;

“statutory provision” has the meaning assigned to it by section 1(f) of the [1954 c. 33 (N.I.)] Interpretation Act (Northern Ireland) 1954;

“year of account” means any period required by Article 49 to be included in an annual return of the credit union.

[F16"year-end balance sheet" means a balance sheet relating to the position at the end of a year of account;]

[F5(2A) [F17In this Order, references to a deposit or accepting deposits and sub-paragraphs] (a) and (ab) of the definition of “authorised bank” in paragraph (2) must be read with—

(a)section 22 of the Financial Services and Markets Act 2000;

(b)any relevant order under that section; and

(c)Schedule 2 to that Act.]

(3) In this Order “the current year of account”, in relation to the appointment of an auditor or auditors, means the year of account in which the question of that appointment arises, and “the preceding year of account” means the year of account immediately preceding the current year of account.

F18(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2Art. 2(2): definition of "the 2000 Act" inserted (31.3.2012) by Financial Services and Markets Act 2000 (Permissions, Transitional Provisions and Consequential Amendments) (Northern Ireland Credit Unions) Order 2011 (S.I. 2011/2832), arts. 1(2), 13(2)

F3Word in art. 2(2) substituted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 2(a) (with art. 3)

F4Words in art. 2(2) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 7 para. 2(2)(c) (with Sch. 12)

F5SI 2002/1555

F6Words in art. 2(2) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 7 para. 2(2)(a) (with Sch. 12)

F7Words in art. 2(2) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 7 para. 2(2)(b) (with Sch. 12)

F8Words in art. 2(2) inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 1(1), 17

F92004 c.33

F10SR 2005/479

F11Words in art. 2(2) substituted (6.4.2018) by Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), s. 17(2), Sch. 1 para. 21; S.R. 2017/217, art. 2(d)

F12Words in art. 2(2) inserted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 4(a)(ii) (with art. 3)