Credit Union Act 1997

Petition for protection of the Court.

143

143. (1) A petition presented under section 142

( a) shall nominate a person to be appointed as examiner;

( b) subject to section 146 , shall be accompanied by a report under section 145 , prepared by a person (in this Part referred to as “ the independent accountant”) who is either the auditor of the credit union concerned or a person who is qualified to be an auditor of a credit union; and

( c) shall be accompanied by a consent signed by the person nominated to be examiner.

(2) The Court shall not give a hearing to a petition under section 142 which is presented by a contingent or prospective creditor until such security for costs has been given as the Court considers reasonable.

(3) The Court shall not give a hearing to a petition under section 142 if a receiver stands appointed to the credit union the subject of the petition and that receiver has stood so appointed for a continuous period of at least three days prior to the presentation of the petition, excluding a Saturday, Sunday or public holiday.

(4) The Court may decline to hear a petition under section 142 or, as the case may be, may decline to continue hearing such a petition if it appears to the Court that, in the preparation or presentation of the petition or in the preparation of the report of the independent accountant, the petitioner or independent accountant—

( a) has failed to disclose any information available to him which is material to the exercise by the Court of its powers under this Part; or

( b) has in any other way failed to exercise the utmost good faith.

(5) On hearing a petition under section 142 , the Court may dismiss it, or adjourn the hearing conditionally or unconditionally, or make any interim order or any other order it thinks fit.

(6) Without prejudice to the generality of subsection (5), an interim order under that subsection may restrict the exercise of any powers of the directors or of the credit union (whether by reference to the consent of the Court or otherwise).

(7) On the making of an order under subsection (5), the examiner or such other person as the Court may direct shall deliver an office copy of the order to the F288 [ Bank ] for placing on the public file of the credit union.

Annotations:

Amendments:

F288

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