UK Act of Parliament 1985 c. 1205 Northern Ireland

The Credit Unions (Northern Ireland) Order 1985

Read the Act on legislation.gov.uk (opens in a new tab)
Status
Amended (in force with amendments)
Penalty ceiling
Imprisonment 3 of 58 obligations carry a fine up to £1,000. 5 carry different penalties and 50 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm43 Any Person6 Director or Officer5 Employee1

Plus 3 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts
Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties
Employee — also bound by 189 other Acts

What it requires

Sections creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

Part 1

Introductory

0 of 3 sections shown
3 other sections in this Part — procedural and definitional
s.art001 art.1
s.art002 art.2
s.art002 art.2A
Part 2

Registration as a credit union

3 of 6 sections shown
s.art003 art.3 Regulated
  • Meet conditions for registration as a credit unionFinancial Services Firm
s.art004 art.4 Regulated
  • Submit a signed application with rules to register as a credit unionAny Person
s.art006 art.6 Prosecution
  • Fail to display credit union name correctly on documents and sealDirector or Officer

Fine up to £1,000

3 other sections in this Part — procedural and definitional
s.art003 Common bonds: corporate members
s.art005 art.5
s.art007 art.7
Part 3

Rules

4 of 5 sections shown
s.art008 art.8 Regulated
  • Maintain credit union rules in FCA-approved form covering required mattersFinancial Services Firm
s.art010 art.10 Regulated
  • Amend your rules only by two-thirds vote and register with FCAFinancial Services Firm
s.art011 art.11 Regulated
  • Obtain member's written consent before increasing their share or loan liability via rule amendmentFinancial Services Firm
s.art012 art.12 Prosecution
  • Provide false credit union rules with intent to mislead or defraudAny Person

Fine up to £2,500

1 other section in this Part — procedural and definitional
s.art009 art.9
Part 4

Membership of credit union

5 of 10 sections shown
s.art013 Minimum number of members Regulated
  • Maintain at least 21 members at all timesFinancial Services Firm
s.art014 art.14 Regulated
  • Ensure members hold a qualifying share and apply one-vote ruleFinancial Services Firm
s.art014 Corporate members Regulated
  • Limit corporate members and their shares to statutory capsFinancial Services Firm
s.art017 Nomination to property in credit union Regulated
  • Keep a nominations book and record all nominationsFinancial Services Firm
s.art018 art.18 Regulated
  • Transfer or pay out nominated property to beneficiaries on member deathDirector or Officer
5 other sections in this Part — procedural and definitional
s.art015 art.15
s.art016 art.16
s.art019 Provision for small payments on death
s.art020 art.20
s.art021 art.21
Part 5

Operation of credit union

9 of 24 sections shown
s.art023 art.23 Regulated
  • Credit unions must not issue share certificates and restrict share transfersFinancial Services Firm
s.art023 Duties where interest-bearing shares have been issued Regulated
  • Submit annual report and convert interest-bearing shares if reserves fall shortFinancial Services Firm
s.art025 art.25 Regulated
  • Do not accept deposits except through share subscriptionsFinancial Services Firm
s.art028 art.28 Regulated
  • Cap interest on loans at 1% per month inclusive of all chargesFinancial Services Firm
s.art028 Loans to be treated as secured Regulated
  • Request to have loan treated as secured using your shareholdingFinancial Services Firm
s.art032 art.32 Regulated
  • Only hold land for business or secured lending purposesFinancial Services Firm
s.art034 art.34 Regulated
  • Use correct form and signatures for mortgage discharge receiptsFinancial Services Firm
s.art035 art.35 Regulated
  • Issue receipt when debtor repays secured loanFinancial Services Firm
s.art036 Application of surplus Regulated
  • Apply surplus funds correctly: dividends, rebates, and charitable purposesFinancial Services Firm
15 other sections in this Part — procedural and definitional
s.art022 art.22
s.art023 Power to issue interest-bearing shares
s.art024 art.24
s.art026 art.26
s.art027 art.27
s.art028 Loans by approved credit unions
s.art028 Grant of certificates of approval
s.art028 Withdrawal of certificates of approval
s.art029 art.29
s.art030 art.30
s.art031 art.31
s.art033 art.33
s.art037 art.37
s.art038 art.38
s.art039 art.39
Part 6

Accounts, etc.

9 of 11 sections shown
s.art040 art.40 Regulated
  • Keep proper books of account and maintain financial controlsFinancial Services Firm
s.art041 art.41 Regulated
  • Take adequate precautions against falsification of recordsFinancial Services Firm
s.art042 art.42 Prosecution
  • Director fails to secure true and fair view of accountsDirector or Officer

Fine up to £1,000

s.art043 art.43 Regulated
  • Appoint a qualified auditor each yearFinancial Services Firm
s.art044 art.44 Regulated
  • Automatically re-appoint previous year's auditor unless exceptions applyFinancial Services Firm
s.art045 art.45 Regulated
  • Follow proper procedure when replacing or not reappointing an auditorFinancial Services Firm
s.art046 art.46 Regulated
  • Appoint only qualified and independent auditors for your credit unionFinancial Services Firm
s.art047 art.47 Regulated
  • Auditors must report on credit union accounts and investigate controlsFinancial Services Firm
s.art049 art.49 Regulated
  • File annual return with the FCA and supply copies to membersFinancial Services Firm
2 other sections in this Part — procedural and definitional
s.art048 art.48
s.art050 art.50
Part 7

Officers, receivers, etc.

2 of 3 sections shown
s.art051 art.51 Regulated
  • Provide security if credit union rules require itFinancial Services Firm
s.art052 art.52 Regulated
  • Credit union officers must account for money on demandEmployee
1 other section in this Part — procedural and definitional
s.art053 art.53
Part 8

Registers, books, etc.

3 of 4 sections shown
s.art054 art.54 Regulated
  • Keep a register of members and officers at your registered officeFinancial Services Firm
s.art055 art.55 Regulated
  • Allow members and interested persons to inspect accounts and registersFinancial Services Firm
s.art057 art.57 Prosecution
  • Fail to comply with FCA information requestDirector or Officer

Fine up to £1,000

1 other section in this Part — procedural and definitional
s.art056 art.56
Part 9

Suspension of credit union, etc.

1 of 6 sections shown
s.art060 art.60 Regulated
Other duties (1) — Crown / regulator
  • FCA must give 2 months' notice before cancelling a credit union's registrationStatutory regulator
5 other sections in this Part — procedural and definitional
s.art058 art.58
s.art059 art.59
s.art061 art.61
s.art062 art.62
s.art063 art.63
Part 10

Amalgamations and transfers of engagements

1 of 4 sections shown
s.art066 art.66 Regulated
Other duties (1) — Crown / regulator
  • FCA must not register credit union transfer resolution unless no contravention of the 2000 ActStatutory regulator
3 other sections in this Part — procedural and definitional
s.art064 art.64
s.art065 art.65
s.art067 art.67
Part 11

Dissolution of credit union

4 of 4 sections shown
s.art068 art.68 Regulated
  • Credit union must send winding-up resolution to FCA within 15 daysFinancial Services Firm
s.art069 art.69 Regulated
  • Know the limits on your liability to contribute when a credit union is wound upFinancial Services Firm
s.art070 art.70 Imprisonment
  • Make false or fraudulent declaration on credit union dissolutionAny Person
s.art071 art.71 Regulated
  • Lodge property transfer certificate with FCA before dissolution or cancellationFinancial Services Firm
Part 12

Disputes, offences and legal proceedings

4 of 6 sections shown
s.art072 art.72 Regulated
  • Resolve member disputes according to your credit union's rulesFinancial Services Firm
s.art073 art.73 Prosecution
  • Fail to comply with credit union rules or provide false informationDirector or Officer

Fine up to £2,500

s.art074 art.74 Prosecution
  • Misappropriate or falsely obtain credit union propertyAny Person

Unlimited fine

s.art075 art.75 Prosecution
  • Falsify credit union financial documentsAny Person

Unlimited fine

2 other sections in this Part — procedural and definitional
s.art076 art.76
s.art077 art.77
Part 13

Miscellaneous and general

3 of 10 sections shown
s.art080 art.80 Regulated
  • Submit returns and documents in the form and manner required by the FCAFinancial Services Firm
s.art080 Form etc of electronic documents Regulated
  • Send electronic documents in a readable and retainable formatAny Person
s.art080 Power of FCA or PRA to impose requirements as to form Regulated
Other duties (1) — Crown / regulator
  • FCA or PRA may set rules for electronic document submissionStatutory regulator
7 other sections in this Part — procedural and definitional
s.art078 art.78
s.art078 Incidental, transitional, etc. provision
s.art079 art.79
s.art080 Fees for inspection and copying of documents
s.art081 art.81
s.art082 art.82
s.art083 art.83
Schedules

Schedules

10 of 26 shown
s.sch001 Provision for the audit of accounts by one or more auditors appointed by the credit... Regulated
  • Appoint auditors to audit your credit union's accountsFinancial Services Firm
s.sch001 Provision— (a) setting out the conditions which must be met for the transfer of shares... Regulated
  • Include share and loan transfer conditions in credit union rulesFinancial Services Firm
s.sch001 If the issue of interest-bearing shares is permitted, provision for the conversion of such shares... Regulated
  • Include conversion provision for interest-bearing shares in your rulesFinancial Services Firm
s.sch001 Provision for the dissolution of the credit union, including provision requiring any assets remaining after... Regulated
  • Include asset disposal rules for dissolution in credit union rulesFinancial Services Firm
s.sch001 The objects of the credit union which shall comply with Article 3(3). Regulated
  • Ensure credit union objects comply with Article 3(3)Financial Services Firm
s.sch001 The qualifications required for, and the terms of, admission to membership of the credit union,... Regulated
  • Define membership qualifications and terms in your credit union's rulesFinancial Services Firm
s.sch001 The mode of holding meetings, including provisions as to the quorum necessary for the transaction... Regulated
  • Credit union rules must cover meetings, quorum and rule-making proceduresFinancial Services Firm
s.sch001 Determination ( subject to Article 14A(6) and to any applicable rules made by each of... Regulated
  • Set maximum member shareholding limit in credit union rulesFinancial Services Firm
s.sch001 Provision for the mode of withdrawal of shares and for payment of the balance due... Regulated
  • Set out share withdrawal and repayment rules in your credit union's rulebookFinancial Services Firm
s.sch001 The mode and circumstances in which loans to members are to be made and repaid,... Regulated
  • Include loan and insurance provisions in your credit union's rulesFinancial Services Firm
16 other schedules
s.sch001 The name of the credit union, which shall comply with Article 6(1) and (2).
s.sch001 Provision for the custody and use of the credit union's seal.
s.sch001 Provision for the withdrawal of members from the credit union and for the claims of...
s.sch001 Provision for— (a) terminating the membership of corporate members in order to comply with the...
s.sch001 The place which is to be the registered office of the credit union to which...
s.sch001 The appointment and removal of board of directors and functional committees, by whatever name, and...
s.sch002 The  Limited hereby acknowledges that it has this  day of  19
s.sch002 received the sum of £  , representing all money intended to be secured by the...
s.sch002 [annexed] deed [and by a further charge dated, etc. , or otherwise as required].
s.sch002 Schedule 2 para.wrapper4n1
s.sch002 ) Board of Directors
s.sch002 Schedule 2 para.wrapper6n1
s.sch002 Secretary
s.sch004 Where immediately before the date of the commencement of this Order a credit union with...
s.sch004 . . . . . . . . . . . . . . ....
s.sch004 The provisions of this Schedule shall have effect without prejudice to section 29 of the...
1 other provision
s.para.120 This div-1 has a number but no title; creating a P1group with an empty Title

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.