Credit Union Act 1997

Repeals and transition from the former law.

5

5. (1) The following enactments are hereby repealed—

( a) the Act of 1966; and

( b) Part III of the Industrial and Provident Societies (Amendment) Act, 1978.

(2) After the commencement of this subsection, a society may not become registered as a credit union except under this Act.

(3) A society which, immediately before the commencement of this subsection, was registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, shall, at that commencement, be deemed to be registered as a credit union under this Act and, accordingly—

( a) after that commencement, no provision of those Acts shall apply to a credit union; and

( b) except in so far as the rules of a credit union which is deemed to be so registered are contrary to any provision of this Act, those rules, as in existence immediately before the commencement of this subsection, shall be regarded as its registered rules at that commencement.

(4) Subject to subsection (5), if at any time the F4 [ Bank ] is satisfied that a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, or the Friendly Societies Acts, 1896 to 1977, is carrying on its affairs in such a way that its objects are wholly or substantially those of a credit union, F4 [ it ] may, notwithstanding anything in those Acts, direct the society, within a period specified in the direction—

( a) to cease all its activities or some activities specified in the direction; or

( b) to wind up its affairs; or

( c) to register by virtue of this Act as a credit union;

and a society to which such a direction is given shall comply with it within the specified period.

(5) Subsection (4) does not apply to a society—

( a) which was registered under the Industrial and Provident Societies Acts, 1893 to 1936, between 24th January 1962 and 31st August 1966; and

( b) the objects of which have at all times been wholly or substantially those of a credit union.

(6) After the commencement of this subsection, a society the objects or proposed objects of which are wholly or substantially those specified in section 6 (2) may not be registered under the Industrial and Provident Societies Acts, 1893 to 1978.

(7) Section 3 (3) shall not apply to directions under subsection (4).

Annotations:

Amendments:

F4

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

Editorial Notes:

E11

Previous affecting provisions: Industrial and Provident Societies (Financial Limits) Regulations 1985 (S.I. No. 392 of 1985) and Industrial and Provident Societies (Financial Limits) (Amendment) Regulations 1990 (S.I. No. 246 of 1990) continued in effect and deemed to have been continued in effect despite repeal of Credit Union Act 1966, s. 35(1)(h) until passing of Investment Funds, Companies and Miscellaneous Provisions Act 2005 (29.06.2005) by Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005), s. 86, commenced on enactment.