Credit Union Act 1997

Revocation of confirmation on grounds of fraud.

166

166.— (1) If, within six months after the confirmation by the Court of proposals for a compromise or scheme of arrangement—

( a) the credit union concerned,

( b) the F304 [ Bank ], or

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

applies to the Court for the revocation of the confirmation on the grounds that it was procured by fraud and the Court is satisfied that that is the case, the Court may by order revoke the confirmation.

(2) A revocation of a confirmation under this section shall be on such terms and conditions, particularly with regard to the protection of the rights of parties acquiring interests or property in good faith and for value in reliance on that confirmation, as the Court deems fit.

(3) As soon as practicable after the revocation of a confirmation under this section, an office copy of the order made by the Court under this section shall be delivered by such person as the Court may direct for placing on the public file of the credit union.

Annotations:

Amendments:

F304

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