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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 19 December 2012 - onwards

47. ReBo levy.

(1) For the purpose of financing the performance by ReBo of its functions under this Part and subject to subsection (6), ReBo shall, with the consent of the Minister and in accordance with any directions that the Minister may give for the purposes of this section, make regulations prescribing -

(a) the levy to be paid to it by credit unions (in this section referred to as the "ReBo levy"), and

(b) when the levy falls due to be paid by credit unions,

and different rates of levies may be imposed on different categories of credit unions, including the imposition of a levy of zero per cent on a category of credit unions.

(2) Without prejudice to the generality of subsection (1), the power to make regulations under that subsection includes the power to provide for exemptions from the payment of the ReBo levy, or waiving, remitting or refunding that levy (in whole or in part), in different circumstances or classes of circumstances or in different cases or classes of cases.

(3) The total amount of the ReBo levy charged annually under this Part shall, as nearly as may be, taking one year with another, be equal to half the total expenditure incurred by ReBo annually in the performance of its functions.

(4) The ReBo levy received from each credit union shall be paid into the Credit Union Fund.