INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 82 Shares in credit unions and dividend thereon.

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 82

Shares in credit unions and dividend thereon.

82.(1) All shares in a credit union shall be of one pound denomination and
may, subject to the rules of the credit union, be subscribed for either in
full or by periodical or other subscriptions but no share shall be allotted to
a member until it has been fully paid in cash.

(2) A credit union shall not issue to a member a certificate denoting
ownership of a share.

(3) A credit union shall not issue withdrawable shares except on terms
enabling it to require not less than sixty days' notice of withdrawal.

(4) Withdrawable shares may be withdrawn by a member only at the discretion of
the board of directors if their withdrawal would reduce that member's paid up
share holding in the credit union to less than his total liability (including
contingent liability) to the credit union whether as borrower, guarantor or
otherwise.

(5) The dividend payable on the shares of a credit union shall not exceed a
rate of six per cent. per annum or such other rate as the registrar may, with
the consent of the Ministry, from time to time prescribe.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 82