Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

107. Financial year of a credit union.

(1) Subject to subsections (2) and (3), the financial year of a credit union shall be the period of 12 months ending on the 30th day of September or such other date as the Bank may determine.

(2) The initial financial year of a credit union shall be such period as begins on the date on which the credit union is registered and expires on the following 30th September or on such other date as the Bank may have determined before the 30th September.

(3) The final financial year of a credit union shall be that period (of less than 12 months) which expires on the date to which the credit union makes up its final accounts and begins on the day following the end of the preceding financial year (as determined under subsection (1) or subsection (2)).