Credit Union Act 1997

General provisions as to examiners.

155

155. (1) An examiner may resign or, on cause shown, be removed by the Court.

(2) If for any reason a vacancy occurs in the office of examiner, the Court, on an application made by the F297 [ Bank ] or by the person on whose petition the examiner was appointed, may by order fill the vacancy.

(3) An examiner shall be described by the style of “the examiner” of the particular credit union in respect of which he is appointed and not by his individual name.

(4) The acts of an examiner shall be valid notwithstanding any defects that may afterwards be discovered in his appointment or qualification.

(5) An examiner shall be personally liable on any contract entered into by him in the performance of his functions, whether the contract is entered into by him in the name of the credit union or in his own name as examiner or otherwise, unless the contract provides that he is not to be personally liable on the contract, and he shall be entitled in respect of that liability to indemnity out of the assets of the credit union.

(6) Nothing in subsection (5) shall be taken as limiting any right to indemnity which an examiner would have apart from that subsection, or as limiting his liability on contracts entered into without authority or as conferring any right to indemnity in respect of that liability.

(7) Where an examiner has been appointed to a credit union,—

( a) the credit union,

( b) the F297 [ Bank ], or

( c) a member or creditor of the credit union,

may apply to the Court for the determination of any question arising out of the performance or otherwise by the examiner of his functions.

Annotations:

Amendments:

F297

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