SCHEDULES

SCHEDULE 1MINOR AND CONSEQUENTIAL AMENDMENTS

PART 3MINOR AND CONSEQUENTIAL AMENDMENTS: GENERAL

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

44

After Article 78 insert—

“Incidental, transitional, etc. provision78A

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—

“13A

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).”.