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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 89

Guarantee funds.

89.(1) Subject to the provisions of this section, a credit union, or any two
or more credit unions, may enter into arrangements with a person carrying on
the business of insurance for the purpose of making funds available to meet
losses incurred by members of a credit union which is a party to the
arrangements; and any two or more credit unions may enter into any other kind
of arrangements for that purpose.

(2) Subject to the provisions of this section, a credit union shall have power
to make contributions under arrangements made in accordance with this section.

(3) Arrangements under this section may in particular provide for the vesting
of a fund in trustees appointed under the arrangements.

(4) Arrangements under this section shall not come into force and no
contributions shall be made thereunder by a credit union, until they have been
approved by the registrar; and the registrar shall not approve arrangements
under this section unless they provide that any variation of their terms shall
also require the approval of the registrar.

© 1969 Crown Copyright

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