The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011

Dividends

21.  In section 14(1) (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.”