Credit Union Act 1997

Hearing relating to missing property etc.

156

156. (1) Where, in relation to a credit union which is under the protection of the Court, there is evidence, whether contained in the report of the independent accountant or otherwise, of a substantial disappearance of property that is not adequately accounted for, or of other serious irregularities in relation to the affairs of the credit union, the Court shall, as soon as practicable, hold a hearing to consider that evidence.

(2) If, in advance of a hearing under subsection (1), the Court so requests, the examiner shall prepare a report on the issues raised by the evidence in question.

(3) Where the examiner prepares a report as mentioned in subsection (2), the examiner shall supply a copy of his report to the credit union and the F298 [ Bank ] on the same day as his delivery of the report to the Court.

(4) The examiner shall also supply a copy of a report prepared by him as mentioned in subsection (2)

( a) to every person who is mentioned in the report, and

( b) on written application, to any member or creditor of the credit union,

provided that any supply may, if the Court so directs, be subject to the omission of such parts of the report as the Court thinks fit.

(5) The Court may, in particular, give a direction under subsection (4) if it considers that the inclusion of certain information in the copy of the report in question would be likely to prejudice the survival of the credit union as a going concern.

(6) The following parties shall be entitled to appear and to be heard at a hearing under subsection (1)

( a) the examiner;

( b) the F298 [ Bank ];

( c) the credit union;

( d) any member or creditor of the credit union, and

( e) any person who is referred to in the report.

(7) Following a hearing under subsection (1), the Court may make such order or orders as it deems fit.

(8) An office copy of any order made by the Court under this section shall be delivered by the examiner, or by such other person as the Court may direct, to the F298 [ Bank ] for placing on the public file of the credit union.

Annotations:

Amendments:

F298

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