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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 85

Loans by credit unions.

85.(1) Subject to the provisions of this section, a credit union may make to a
member who is of full age a loan for a provident or productive purpose, upon
such security (or without security) and terms as the rules of the credit union
may provide.

(2) The total amount on loan to a member of a credit union shall not at any
time be more than [two thousand pounds] (or such other sum as the registrar
may, with the consent of the Ministry, prescribe) in excess of his total paid
up share holding in the credit union at that time.

(3) The maximum period within which an unsecured loan by a credit union must
be repaid shall be two years.

(4) A credit union may charge interest on loans made by it but such interest
shall be at a rate not exceeding one per cent. per month (or such other rate
as the registrar may, with the consent of the Ministry, prescribe) on the
amount of the loan outstanding and such interest shall be inclusive of all
administrative and other expenses incurred in connection with the making of
the loan.

(5) A credit union shall not at any time make a loan to a member if the making
of such a loan would bring the total amount outstanding on loan to members
above such limit as the registrar, with the consent of the Ministry, shall
prescribe.

© 1969 Crown Copyright

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