Credit Union Act 1997

FIFTH SCHEDULE

Supplementary Provisions as to Removal or Suspension by the Registrar of Directors and Members of Supervisory Committee

1. (1) Any director or member who has been removed may apply to the Court for an order setting aside the removal.

(2) On an application under subparagraph (1), the Court may make—

( a) an order setting aside the removal; or

( b) an order confirming the removal; or

( c) such other order as may appear to the Court to be necessary.

2. The F346 [ Bank ] may apply to the Court for, and the Court may grant, an order confirming the removal.

3. (1) In addition to or in lieu of making an order under paragraph 2, the Court may make such other order in the case as may appear to it to be necessary, including an order removing from office any director or member of the credit union.

(2) The Court shall not make an order under subparagraph (1) without giving the director or member concerned an opportunity to be heard.

4. The Court may by order revoke or vary an order made by it under this Schedule.

5. Unless an order has been made by the Court in respect of a removal, the F346 [ Bank ] may at any time revoke the removal.

6. (1) Any director or member who has been suspended may apply to the Court for, and the Court may grant, an order setting aside the suspension.

(2) On an application under subparagraph (1), the Court may make—

( a) an order setting aside the suspension;

( b) an order confirming the suspension; or

( c) such other order as may appear to the Court to be necessary.

7. The F346 [ Bank ] may apply to the Court for, and the Court may grant, an order confirming a suspension or confirming it and extending the period of its operation for such time, not exceeding six months from the date the suspension took effect, as the Court may consider appropriate.

8. (1) In addition to or in lieu of making an order under paragraph 7, the Court may make such other order in the case as may appear to it to be necessary, including an order removing from office any director or member of the credit union.

(2) The Court shall not make an order under subparagraph (1) without giving the director or member concerned an opportunity to be heard.

9. A suspension which has been confirmed by the Court shall terminate when whichever of the following first occurs—

( a) the end of the period of operation specified by the Court;

( b) the making by the Court of an order for termination on the application of the F346 [ Bank ];

( c) the making of a winding up order in respect of the credit union;

( d) the making by the Court of an order for termination where the Court considers that the circumstances that gave rise to the suspension have ceased to exist and that it would be unjust and inequitable not to make the order.

10. The Court may by order revoke or vary an order made by it under this Schedule.

11. Unless an order has been made by the Court in respect of a suspension, the F346 [ Bank ] may at any time revoke the suspension.

Annotations:

Amendments:

F346

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 pt. 24 item 126, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26.

F347

Repealed by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 9; not commenced as of date of revision.

Modifications (not altering text):

C16

Prospective affecting provision: schedule repealed by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 9; not commenced as of date of revision.

F347 [ ]