Credit Union Act 1997

PART X

Winding up

Petition of Registrar to wind up.

133

133. (1) The F273 [ Bank ] may petition the High Court for an order to wind up a credit union if it appears to F273 [ it ] that—

( a) the credit union is unable to pay sums due and payable to its members or its creditors;

( b) there has been, in relation to the credit union, a failure to comply with any provision made by, or under or by virtue of, this Act and the failure has continued after notice from the F273 [ Bank ] to the credit union to remedy it; or

( c) less than one half of the members of the credit union have a common bond;

or in any other case where it appears to the F273 [ Bank ] that the winding up of the credit union is in the public interest or is just and equitable, having regard to the interests of all the members of the credit union.

(2) If a petition under this section is presented within one year after the credit union concerned has changed its name, the former name, as well as the existing name shall appear on all notices and advertisements relating to the winding up.

Annotations:

Amendments:

F273

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