Credit Union Act 1997

Amendment of registered rules.

14

14. (1) The rules of a credit union shall not be amended except by a resolution passed by not less than two-thirds of the members of the credit union present and voting at an annual general meeting or at a special general meeting called for the purpose of considering a resolution proposing an amendment of the rules.

(2) An amendment of the registered rules of a credit union shall not be valid until the amendment has been registered under this Act, for which purpose two copies of the amendment, signed by four members, one of whom shall be the secretary and another a director, shall be sent to the F18 [ Bank ].

(3) Subsection (2) shall not apply to a change in the name of a credit union, but, where a change in the name of a credit union is made in accordance with section 11 , the change in the credit union’s name shall be registered by the F18 [ Bank ] as an amendment of the credit union's rules.

F19 [ (3A) Before sending a copy of the amended rules to the Bank under subsection (2) the credit union is required to satisfy itself that the amendment is not contrary to the financial services legislation. ]

F20 [ (4) On being satisfied that an amendment of a credit union s rules sent to it under subsection (2) is not contrary to the financial services legislation, the Bank shall issue to the credit union, within 3 months of its receipt of the amendment, an acknowledgement of registration which, unless the contrary is proved, shall be sufficient evidence that the amendment is duly registered.

(5) If the Bank is not satisfied that an amendment of a credit union s rules sent to it under subsection (2) is not contrary to the financial services legislation, it shall refuse to register the amendment, in which case it shall give the credit union a notice of its refusal to register the amendment. The notice shall include a statement setting out the grounds for the refusal. ]

F21 [ (5A) A decision of the Bank refusing to register an amendment of a credit union s rules under subsection (5) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942 . ]

(6) Notwithstanding anything in the rules of a credit union, the board of directors may, by resolution passed during the transitional period, make such amendments of the rules of the credit union as may be consequential on the provisions of this Act.

(7) For the purposes of subsection (6), the transitional period is the period of one year from the commencement of this section or such longer period as may be determined by the F18 [ Bank ].

(8) Notwithstanding anything in subsection (4), after the expiry of one year from the commencement of this section, the F18 [ Bank ] shall not be required to register any amendment of a credit union's rules unless such consequential amendments of the registered rules as are mentioned in subsection (6) either—

( a) have been made before the F18 [ Bank ] receives the amendment; or

( b) are to be effected by the amendment.

Annotations:

Amendments:

F18

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

F19

Inserted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 4, S.I. No. 393 of 2013.

F20

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 5, S.I. No. 393 of 2013.

F21

Inserted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 3, S.I. No. 455 of 2004.

Modifications (not altering text):

C5

Application of subs. (2) restricted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 15(2), S.I. No. 393 of 2013.

Board of directors.

15.— ...

(2) An amendment to the rules of a credit union passed in accordance with section 14(1) of the Principal Act to give effect to a reduction in the number of board of directors in compliance with that Act, shall have immediate effect notwithstanding section 14(2) of that Act.

C6

Application of subs. (4) restricted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 4(4), S.I. No. 280 of 2013.

Savers for regulatory actions of Bank.

4.—...

(4) Notwithstanding anything in section 14(4) of the Principal Act, after the expiry of one year from the commencement of this section, the Bank shall not be required to register any amendment of a credit union’s rules unless such consequential amendments of the registered rules as are mentioned in subsection (2) either—

( a) have been made before the Bank receives the amendment; or

( b) are to be effected by the amendment.

Editorial Notes:

E15

Previous affecting provision: subs. (5) substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 3, S.I. No. 455 of 2004; substituted as per F-note above.

E16

Previous affecting provision: subs. (4) 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 12, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.

E17

Previous affecting provision: subs. (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 12, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per E-note above.