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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
Version 3 of 3

Article 5 Compensation scheme

(1) Notwithstanding anything to the contrary in section 213(9) or 224(3) of the Act -

(a) any credit union which, after commencement, becomes unable, or is likely to become unable, to satisfy claims against it which relate to deposits which were accepted before commencement, and

(b) any credit union which -

(i) has ceased to have Part 4A permission by virtue of article 3(4) of the Permission Order, and

(ii) thereafter, becomes unable, or is likely to become unable, to satisfy claims against it which relate to deposits which were accepted after commencement but before the date on which it ceased to have Part 4A permission,

is to be treated after commencement as a relevant person in relation to such a claim or potential claim for the purposes of Part XV of the Act (compensation scheme) and any rules made before commencement by the Authority under that Part.