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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 94

Provisions consequential on orders under section 93.

94.(1) Where, at the time when an order is made applying section 93(2) to a
credit union, a member is under an obligation to make to the credit union
payments representing instalments of the amount due by way of subscription for
a share in the credit union, the obligation shall (subject to anything in the
rules of the credit union or any agreement between the credit union and the
member) be suspended in respect of each instalment for the period for which
the order is in force; and accordingly, if the order is revoked the sum due
shall again become payable by instalments.

(2) Subject to subsection (1), any obligation to make a payment which, under
section 93, the credit union is prohibited from accepting, shall be wholly
rescinded.

(3) Where an order applying section 93(2) to a credit union is in force, it
shall be the duty of the credit union to make reasonable arrangements for
using the funds of the credit union to meet applications by holders of shares
in the credit union (being applications duly made in accordance with the rules
of the credit union) for withdrawal of their shares.

(4) If it appears to the registrar that, where an order is in force applying
section 93(2) to a credit union, the credit union has been applying an undue
proportion of the funds of the credit union in making advances in preference
to meeting such applications as are mentioned in subsection (3), he may, after
giving notice to the credit union and affording it an opportunity of making
representations, present a petition for the winding-up of the credit union.

© 1969 Crown Copyright

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