|
|
[Home] [Databases] [World Law] [Search] [Feedback] | |
Northern Irish Legislation |
||
| You are here: BAILII >> Databases >> Northern Irish Legislation >> INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 | ||
[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]
Power of credit unions to borrow money. 84.(1) Subject to its rules, a credit union may borrow money from any source whatsoever but the amount so borrowed and not repaid shall not at any time exceed in the aggregate one-half of the total paid up share capital. (2) A temporary loan obtained by a credit union from its bankers in the ordinary course of business shall be disregarded for the purposes of subsection (1). (3) A lender or other person dealing with a credit union shall not be obliged to satisfy himself or to inquire whether the limit on borrowing by that credit union imposed by subsection (1) has been or is being observed and any debt incurred or security given by a credit union in excess of such limit shall not be invalid or ineffectual solely by reason of any such excess except in the case of a lender or a recipient of security who, at the time when the debt was incurred or the security was given, had express notice that such limit had been or was thereby exceeded. (4) Where money borrowed by a credit union is not repaid on written demand on the date on which repayment is due, that credit union shall not make any loans or permit the withdrawal of any shares until the repayment is made. (5) If a credit union borrows in excess of the limit imposed by subsection (1) or makes loans or permits withdrawals in contravention of subsection (4), it shall be guilty of an offence and liable on conviction on indictment or on summary conviction to a fine, which on summary conviction shall not exceed #50.
© 1969 Crown Copyright
BAILII:
Copyright Policy |
Disclaimers |
Privacy Policy |
Feedback
URL: http://www.bailii.org/nie/legis/num_act/iapsai1969523/s84.html