Credit Union Act 1997

Inspection of books.

76

76. (1) Notwithstanding anything in the rules of a credit union, except as provided by this Act or any other enactment, no-one (whether a member of the credit union or not) shall have the right to inspect the books of a credit union.

(2) Any member of a credit union or any other person having an interest in the funds of a credit union may, at any reasonable hour, inspect at the registered office of the credit union or at any other place where they may be kept—

( a) the register kept under section 75 , excluding the particulars entered therein under paragraph (b) or paragraph (c) of subsection (1) of that section; and

( b) his own account with the credit union;

but the right of inspection conferred by this subsection shall be exercisable subject to such conditions as to time and manner as may from time to time be determined by the board of directors.

(3) The rules of a credit union may make provision for the disclosure of its books and documents for the purpose of enabling it to enter into contracts for the benefit of the credit union.

(4) Subject to subsection (5), on the application of thirty members of a credit union, the F136 [ Bank ] may appoint an accountant to inspect and report on the books and documents of the credit union.

(5) An application under subsection (4) shall contain such particulars as the F136 [ Bank ] may require and shall not be valid unless—

( a) each of the members making the application has been a member throughout the whole of the twelve months immediately preceding the date of the application; and

( b) the members making the application deposit with the F136 [ Bank ] as security for the costs of the proposed inspection such sum as the F136 [ Bank ] may reasonably require.

(6) An accountant appointed under subsection (4) may make copies of, and take extracts from, any books or documents of the credit union at all reasonable hours at the credit union's registered office or at any other place where those books or documents are kept.

(7) All expenses of and incidental to an inspection by an accountant appointed under subsection (4) shall be defrayed in such proportions as the F136 [ Bank ] may direct—

( a) by the members making the application;

( b) out of the funds of the credit union; and

F137 [ ( c ) by the members or officers (other than any person who is an officer solely by virtue of being a voluntary assistant) or former members or officers (other than any person who was an officer solely by virtue of being a former voluntary assistant) of the credit union. ]

(8) The F136 [ Bank ] shall make known the results of an inspection by an accountant appointed under subsection (4) to the members who made the application and to the credit union.

Annotations:

Amendments:

F136

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

F137

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 71, S.I. No. 393 of 2013.