Source: http://www.legislation.gov.uk/nisi/1985/1205/article/36
Timestamp: 2019-12-13 08:05:14
Document Index: 525974368

Matched Legal Cases: ['Art. 36', 'Art. 36', 'Art. 36', 'Art. 36', 'art. 36', 'art. 1', 'art. 36', 'Art. 36', 'Art. 36']

The Credit Unions (Northern Ireland) Order 1985, Section 36 is up to date with all changes known to be in force on or before 13 December 2019. 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.
[F1Application of surplus]N.I.
36.—(1) F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F4(3) Following the application of such amount of its surplus funds to its reserves as may be required by rules made by the [F5FCA under the 2000 Act and, if the society is a PRA-authorised person, rules made by the PRA under the 2000 Act], a credit union may apply such proportion of the remaining amount available for distribution in respect of any year of account (that is to say, the surplus for that year reduced or increased by any transfer to or from general reserve) in one or more of the following ways as the credit union may in general meeting determine—
(5) No part of the amount available for distribution in respect of any year of account shall be applied by a credit union for the purposes mentioned in paragraph (3) (c) unless a dividend F6... is paid for that year on all paid-up shares of the credit union; and the total sum applied for those purposes out of the amount available for distribution in respect of any year of account shall not exceed 10 per cent of that amount.
(6) F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7) F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1Art. 36 heading substituted (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(20)
F2Art. 36(1) omitted (31.3.2012) by virtue of 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(20)(a)
F3Art. 36(2) omitted (31.3.2012) by virtue of 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(20)(a)
F4Art. 36(3) substituted (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(20)(b)
F5Words in art. 36(3) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 7 para. 7 (with Sch. 12)
F6Words in art. 36(5) omitted (23.4.2016) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (c. 16), ss. 6, 17
F7Art. 36(6) omitted (31.3.2012) by virtue of 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(20)(a)
F8Art. 36(7) omitted (31.3.2012) by virtue of 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(20)(a)