Credit Union Act 1997

Qualification for appointment as auditor.

114

114.F241 [ (1) A person shall not be qualified for election as auditor of a credit union unless the person is a statutory auditor within the meaning of section 2 of the Companies Act 2014 . ]

(2) None of the following persons shall be qualified for election as auditor of a credit union—

( a) a person who is or, at any time during the period of three years preceding the meeting at which the election is to be made, has been an officer F242 [ ] of the credit union;

F243 [ ( b ) a parent, spouse or civil partner, brother, sister or child of an officer of the credit union; or ]

( c) a person who is a partner of, or in the employment of, or who employs, an officer F244 [ ] of the credit union.

(3) Any election made by a credit union in contravention of subsection (1) or subsection (2) shall not be an effective election for the purposes of this Act.

(4) A person shall not act as auditor of a credit union at a time when he is disqualified under this Act or the Companies Acts for election or appointment to that office and, if an auditor of a credit union becomes so disqualified during his term of office, he shall—

( a) thereupon vacate his office; and

( b) give immediate notice in writing to the credit union and to the F245 [ Bank ] that he has vacated his office by reason of the disqualification.

(5) A person who contravenes subsection (4) shall be guilty of an offence.

Annotations:

Amendments:

F241

Substituted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 72, S.I. No. 366 of 2018.

F242

Deleted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 103, S.I. No. 393 of 2013.

F243

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 104, S.I. No. 393 of 2013.

F244

Deleted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 105, S.I. No. 393 of 2013.

F245

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

Editorial Notes:

E74

Previous affecting provision: subs. (1) substituted (1.01.2016) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 102, S.I. No. 584 of 2015; substituted as per F-note above.

E75

Previous affecting provision: subs. (2)(b) amended (1.01.2011) by Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010), s. 97 and sch. pt. 1 item 24, S.I. No. 648 of 2010; substituted as per F-note above.

E76

Previous affecting provision: subs. (1) amended (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 14 item 2, S.I. No. 455 of 2004; substituted as per F-note above.