Source: http://www.legislation.gov.uk/nisi/1985/1205/part/2
Timestamp: 2019-12-12 12:26:41
Document Index: 46357812

Matched Legal Cases: ['art 4', 'art. 3', 'art. 3', 'art. 1', 'art. 3', 'art. 3', 'art. 3', 'Art. 3', 'art. 3', 'art. 1', 'Art. 3', 'art. 1', 'art. 3', 'Art. 3', 'art. 1', 'art. 3', 'art. 1', 'art. 3', 'Art. 3', 'art. 3', 'art. 1', 'art. 3', 'art. 3', 'art. 1', 'art. 3', 'art. 3', 'art. 1', 'art. 3', 'art. 3', 'art. 1', 'art. 3', 'Art. 3', 'art. 4', 'art. 1', 'art. 3', 'art. 4', 'art. 1', 'art. 3', 'art. 4', 'art. 1', 'art. 3', 'Art. 4', 'art. 1', 'art. 3', 'art. 6', 'art. 1', 'art. 3', 'art. 6', 'art. 1', 'art. 3', 'art. 7', 'art. 1', 'art. 3']

Changes over time for: Registration as a credit union
The Credit Unions (Northern Ireland) Order 1985, Registration as a credit union is up to date with all changes known to be in force on or before 12 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.
3.—(1) Subject to [F1Article 13] a society may be registered as a credit union under this Order if—
(a)it is shown to the satisfaction of the [F2FCA] that the conditions specified in paragraph (2) are fulfilled;
(b)the rules of the society comply with Article 8(1); F3. . .
(c)the place which under those rules is to be the society's registered office is situated in Northern Ireland [F4;]
[F5(d)the society has made an application for a permission under Part 4A of the 2000 Act to accept deposits;
F6[F7(1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1B) The PRA must notify the [F8FCA] in writing if it is satisfied as mentioned in paragraph (1)(f). ]
[F9(3A) In paragraph (3) references to members do not include corporate members.]
(e)any other common bond approved by the [F10FCA] .
(5) In ascertaining whether a common bond exists between the members of a society, the [F11FCA] —
[F12(a)may, if [F13the FCA] considers it proper in the circumstances of the case, treat as sufficient evidence of the existence of a common bond a statutory declaration which is given by three members and the secretary of the society, and is to the effect that a common bond exists,]
(b)may, if [F14the FCA] considers it proper in the circumstances of the case, treat the fact that admission to membership is restricted as mentioned in paragraph (2)(b) as sufficient evidence of the existence of a common bond.
F1Words in art. 3(1) 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(5)(a)
F2Word in art. 3(1)(a) 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(b) (with art. 3)
F3Word in art. 3(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(5)(b)
F4In art. 3(1)(c) ";" 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(5)(b)
F5Art. 3(1)(d)-(f) substituted for art. 3(1)(d)(e) (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 7 para. 4(2) (with Sch. 12)
F6Art. 3(1A) omitted (6.4.2018 immediately after 2016 c. 16 (N.I.), s. 8(2) comes into force) by virtue of The Financial Services Act 2012 (Mutual Societies) Order 2018 (S.I. 2018/323), art. 1, Sch. 3 para. 6 (with art. 3)
F7Art. 3(1A)(1B) inserted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 7 para. 4(3) (with Sch. 12)
F8Word in art. 3(1B) 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(b) (with art. 3)
F9Art. 3(3A) inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), s. 17, Sch. 1 para. 1
F10Word in art. 3(4)(e) 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(b) (with art. 3)
F11Word in art. 3(5) 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(b) (with art. 3)
F13Words in art. 3(5)(a) 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. 3(a) (with art. 3)
F14Words in art. 3(5)(b) 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. 3(a) (with art. 3)
[F15Common bonds: corporate membersN.I.
F15Art. 3A inserted (23.4.2016) by Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), s. 17, Sch. 1 para. 2
4.—(1) An application for the registration of a society under this Order shall be signed by 21 members and the secretary of the society and shall be sent [F16to the FCA with 2 copies of the society’s rules or, if the application is made by electronic means, one copy of those rules] .
(2) On being satisfied that a society has complied with the provisions of this Order as to registration the [F17FCA] shall issue to the credit union an acknowledgement of registration [F18, bearing the FCA’s seal,] which shall be conclusive evidence that the credit union is duly registered under this Order unless it is proved that the registration of the credit union has been cancelled or is for the time being suspended.
[F19(2A) The FCA must not issue an acknowledgement of registration under paragraph (2) unless—
F16Words in art. 4(1) 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. 7(a) (with art. 3)
F17Word in art. 4(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(c) (with art. 3)
F18Words in art. 4(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. 7(b) (with art. 3)
F19Art. 4(2A) 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. 7(c) (with art. 3)
6.—(1) A credit union shall not be registered under this Order under a name which in the opinion of the [F20FCA] is undesirable.
(b)the use with reference to an association or group of credit unions of a name which has been approved in writing by the [F21FCA] .
F20Word in art. 6(1) 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(d) (with art. 3)
F21Word in art. 6(6)(b) 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(d) (with art. 3)
(b)with the approval in writing of the [F22FCA] .
F22Word in art. 7(1)(b) 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(e) (with art. 3)