Credit Union Act 1997

Power of Court to prohibit continuance of certain contraventions.

89

89.— (1) Where, on an application made by the F187 [ Bank ], the Court is of the opinion that there has occurred or is occurring—

( a) a contravention of this Act,

( b) a failure to comply with a direction under section 86 or any regulatory directions, or

( c) a failure to comply with a condition imposed on granting an approval application, within the meaning of section 49 ,

the Court may, by order, prohibit the continuance of the contravention or failure by the person or persons concerned or, in the case of paragraph (c), require the cessation of the provision of the additional services to which the approval application related.

(2) When considering an application under this section, the Court may make such interim or interlocutory order as it considers appropriate.

(3) Where the Court is satisfied, because of the nature or circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be held otherwise than in public.

(4) The provisions of this section are without prejudice to the general functions of the F187 [ Bank ].

Annotations:

Amendments:

F187

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