PART 4 Credit Unions

21 Dividends
In section 14 (computation and application of profits), for subsection (4), substitute—

“4 The dividend payable on any shares of a credit union shall—
(a) on its dissolution, not exceed a rate of 8 per cent per annum or such other rate as may be specified by order made by the Treasury; and
(b) at any other time, not exceed that rate except to the extent that the rules of the credit union provide otherwise.”

Section 14 was amended by S.I. 2001/2617; there are other amending instruments but none is relevant.