Credit Unions (Amendment) Bill - Clause 6 - Transfer of engagements - Northern Ireland Assembly

Clause 6 - Transfer of engagements

Clause 6 aims to simplify the process for one credit union transferring engagements to another credit union. This Clause states that where engagements are transferred, the common bond of the transferee (i.e. the receiving) credit union will include the common bond of the transferor credit union. In this case the usual rule amendment procedure shall not apply.

22. Do you agree that the common bond should be transferred automatically, so that existing members can continue their membership under the new credit union?

Yes No

23. Do you agree that this change will help credit unions merge or consolidate when appropriate? Do you agree this will help smaller or struggling credit unions sustain services for members?

Yes No

24. Are there any further considerations that should be made regarding the common bond and the ability for credit unions to conduct transfers of engagement?

Yes No

25. Do you have any other comments on Clause 6 or suggested amendments for this clause?