Credit Union Act 1997

66A

F112 [ Governance arrangements in credit unions.

66A. (1) A credit union shall have governance arrangements which shall

( a ) be such as to ensure that there is effective oversight of the activities of the credit union, taking into consideration the nature, scale and complexity of the business being conducted,

( b ) include a clear organisational structure with well-defined, transparent and consistent reporting lines,

( c ) be documented and set out the roles, responsibilities and accountabilities of the officers clearly in writing,

( d ) be communicated in writing to all officers in the credit union, and

( e ) be subject to regular internal review by the board of directors on, at a minimum, an annual basis.

(2) A credit union shall have in place the oversight, policies, procedures, practices, systems, controls, skills, expertise and reporting arrangements to ensure compliance with the requirements set out in this Part. ]

Annotations:

Amendments:

F112

Inserted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 24, S.I. No. 393 of 2013.