Credit Union Act 1997

Change of registered name.

11

11. (1) A credit union may not change its name except in accordance with this section.

(2) A credit union may change its name—

( a) by a resolution for the purpose passed at a general meeting of the credit union after the giving of such notice as is required by the rules of the credit union for such a resolution or, if the rules do not make special provision as to notice of such resolution, after the giving of such notice as is required by the rules for a resolution to amend the rules; and

( b) with the prior approval in writing of the F13 [ Bank ].

F14 [ (3) A decision of the Bank declining to give its approval under subsection (2)( b ) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942 . ]

(4) A change in the name of a credit union shall not affect any right or obligation of the credit union, or of any member thereof, and any pending legal proceedings may be continued by or against the credit union notwithstanding its new name.

(5) Where, in the opinion of the F13 [ Bank ], a credit union is (through inadvertence or otherwise) for the time being registered under a name which is undesirable, the F13 [ Bank ]

( a) within one year of its being registered under that name, or

( b) in the case of a society deemed to be registered under this Act by virtue of section 5 (3) , within one year from the commencement of this section,

F15 [ may decide to direct and direct the credit union to change its name to a name approved by the Bank ].

(6) A credit union shall comply with a direction given to it under subsection (5).

(7) Where a credit union changes its name under this section, the F13 [ Bank ]

( a) shall enter the new name in the register in place of the former registered name; and

( b) shall issue to the credit union an acknowledgement of registration, altered to meet the circumstances of the case.

(8) Section 3 (3) shall not apply to a direction under subsection (5).

Annotations:

Amendments:

F13

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 9, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26.

F14

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 part 7 item 2, S.I. No. 455 of 2004.

F15

Substituted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 3, S.I. No. 280 of 2013.

Editorial Notes:

E14

Previous affecting provision: subss. (3) and (5) amended (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 9, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; subsection substituted as per F-note above.