INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 78



78.(1) A society which consists of persons each of whom has, in relation to
all the other members of the society, one or more of the common bonds set out
in subsection (2) and is formed for the following objects:

(a)the promotion of thrift amongst its members by the accumulation of their
savings;

(b)the creation of sources of credit for the benefit of its members at a fair
and reasonable rate of interest;

(c)the use and control of members' savings for their mutual benefit; and

(d)the training and educution of members in the wise use of money and in the
management of their financial affairs;

(2) The common bonds referred to in subsection (1) are

(a)the common bond of association (other than for the purposes of forming a
credit union);

(b)the common bond of occupation;

(c)the common bond of residence or employment within a particular locality;

(d)the common bond of employment by a common employer;

(e)the common bond of membership of a bona fide organisation;

(f)any other common bond approved from time to time by the registrar;

(3) A society shall not be registered under this Act as a credit union unless
the place which under its rules is to be its registered office is situate in
Northern Ireland.

(4) A society the objects or proposed objects of which are wholly or
substantially those set out in subsection (1) shall not be registered under
this Act otherwise than as a credit union and when registered under this Act
as a credit union shall be known as and is in this Act referred to as a
credit union and shall not operate in Northern Ireland unless so registered.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 78