Credit Union Act 1997

FIRST SCHEDULE

Matters to be Provided for in Rules of Credit Union

1. The name of the credit union, which shall comply with section 10 .

2. The objects of the credit union which shall comply with section 6 (1) (a) .

3. The place which is to be the registered office of the credit union to which all communications and notices to the credit union may be addressed.

4. The qualifications required for, and the terms of, admission to membership of the credit union, including any special provision for the insurance of members in relation to their shares.

5. The mode of holding meetings and the method of notice, including provision as to the quorum necessary for the transaction of any description of business, and the mode of making, altering or rescinding rules.

F338 [ 6. The appointment and removal of the board of directors, the board oversight committee and any principal Committee and of other officers and their respective powers and remuneration. ]

F339 [ 7. Determination (subject to any requirements under section 27(2) ) of the maximum amount of the interest in the shares of the credit union which may be held by any member. ]

8. Provision for the mode of withdrawal of shares and payment of the balance due on shares on withdrawing from the credit union.

9. The mode and circumstances in which loans to members are to be made and repaid, including any special provision for the insurance of members in relation to loans made to them.

10. Provision for the custody and use of the credit union's seal.

11. Provision for the audit of accounts by one or more auditors appointed by the credit union.

12. Whether disputes between the credit union and any of its members, or any person claiming by or through any member or under the rules, shall be settled by reference to the Circuit Court, arbitration or the F340 [ Bank for Registrar of Credit Unions ].

13. Provision for the withdrawal of members from the credit union and for the claims of the representatives of deceased members or the assignees or trustees of the property of bankrupt members and for the payment of nominees.

F341 [ 14. Provision for dealing with directors and members of the board oversight committee who are more than 90 consecutive days in arrears under a debt obligation to the credit union up to and including the suspension or removal from the board of such directors. ]