Credit Union Act 1997

Supplementary provisions as to Registrar’s functions.

50

50. (1) In the exercise of F84 [ its ] powers under sections 48 and 49 and this section, the F84 [ Bank ] may at any time consult the Advisory Committee and such other bodies as appear to F84 [ it ] to be expert or knowledgeable in matters relating to credit unions.

(2) Without prejudice to the generality of subsection (1), the F84 [ Bank ] may commission an independent assessment of the capacity of a credit union to provide any or each description of the additional services in respect of which it has made an approval application; and, if the F84 [ Bank ] so directs, the credit union shall defray the costs of such an assessment.

(3) If it appears to F84 [ it ] appropriate to do so, the F84 [ Bank ] may at any time by notice—

( a) withdraw an approval granted under section 49 ;

( b) revoke or vary any conditions imposed on such an approval; or

( c) impose new conditions on such an approval;

but any such action by the F84 [ Bank ] shall not require the disposal of any property or right already acquired.

(4) In this section “ approval application” has the same meaning as in section 49 .

Annotations:

Amendments:

F84

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