Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 11 October 2013 - onwards
  Version 4 of 4    

134. Winding up under the Companies Acts.

(1) Subject to this section, a credit union may be dissolved by being wound up in accordance with the Companies Acts and, accordingly, those Acts shall, subject to any necessary modifications, apply as if a credit union were a company limited by shares.

(2) In the application of the Companies Acts to the winding up of a credit union -

(a) any reference in those Acts to the Registrar of companies shall be construed as a reference to the Bank;

(b) any reference in those Acts to the articles of association shall be construed as a reference to the rules of a credit union; and

(c) any reference in those Acts to a special resolution shall be construed as a reference to a special resolution within the meaning of this Act.

(3) Without prejudice to subsection (2), where a credit union is being wound up as mentioned in subsection (1), the Bank shall be entitled to appear and be heard in any proceedings relating to the winding up.

(4) Where a credit union is wound up as mentioned in subsection (1