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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 93

Power to suspend borrowing and subscription for shares.

93.(1) If, with respect to any credit union, the registrar considers it
expedient to do so in the interests of members, he may, by an order made with
the consent of the Ministry, apply subsection (2) to the credit union.

(2) Subject to subsection (3), while this subsection applies to a
credit union, the credit union shall not

(a)borrow any money; or

(b)accept any payment representing the whole or any part of the amount due by
way of subscription for a share in the credit union, other than a payment
which fell due before the making of the order applying this subsection to the
credit union.

(3) This section shall not make it unlawful for a credit union to borrow from
a bank or finance company, or from a director or other officer of the
credit union, if the credit union has obtained the consent in writing of the
registrar.

(4) Not less than fourteen days before making an order applying subsection (2)
to a credit union, the registrar shall serve on the credit union, and on every
director of the credit union, a notice stating that he proposes to make such
an order and such notice served on a credit union shall specify the
considerations which have led the registrar to conclude that it would be in
the interests of members to make the order.

(5) The registrar shall consider any representations with respect to the
notice which may be made to him by the credit union within such period (not
being less than fourteen days) from the date on which the credit union is
served with the notice as the registrar may allow, and, if the credit union so
requests, shall afford to it an opportunity of being heard by him within that
period.

(6) On making an order applying subsection (2) to a credit union, the
registrar shall serve on the credit union, and on every director of the
credit union, a notice of the making of the order, and shall serve on the
credit union a notice specifying the considerations which have led him to
conclude that it is expedient to make the order in the interests of members;
and the registrar shall not have power to make an order unless all the
considerations so specified were those, or were among those, which were
specified in the notice served on the credit union under subsection (4).

(7) A notice under this section may be served on a director of a credit union
by sending it by post to his address, or latest address, as notified to the
registrar by the credit union or the director; and failure to serve a notice
under this section on a director shall not affect the validity of an order
under subsection (1).

(8) Notice of the making of an order under subsection (1) shall be published
by the registrar in the Belfast Gazette and in any other manner which appears
to him necessary for informing the public.

(9) Any order under subsection (1) may be revoked by a subsequent order made
by the registrar with the consent of the Ministry.

(10) If a credit union contravenes subsection (2), 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; and every officer of
the credit union who is in default shall be guilty of an offence and liable

(a)on conviction on indictment, to a fine, or to imprisonment for a term not
exceeding two years, or to both; or

(b)on summary conviction, to a fine not exceeding #50, or to imprisonment for
a term not exceeding three months, or to both.

© 1969 Crown Copyright

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