Credit Union Act 1997

Notice to furnish books, information etc.

91

91.F190 [ F191 [ (1) If required to do so by notice in writing served by the Bank at any time

( a ) a credit union,

( b ) any person who is or has been an officer, member, voluntary assistant, agent or liquidator of a credit union, and

( c ) any other person who has in his or her possession or power any books or documents relating to a credit union,

shall furnish to the Bank such books or documents which relate to the credit union and are in the possession or power of the credit union or such person and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Bank in the exercise of its powers under this Act. ]

(2) If required to do so by a notice in writing served on it by the Bank, a credit union shall furnish to the Bank a financial statement or periodic financial statements in such form and containing such information as may be specified in the notice and as may be reasonably required by the Bank in the exercise of the powers of the Bank under this Act. ]

(3) If a notice under subsection (1) or subsection (2)

( a) requires that any item or information is to be furnished within a period, or at a time or place specified in the notice, or

( b) requires that any information is to be verified by a statutory declaration,

the credit union or person on whom the notice is served shall not be regarded as complying with the notice unless that requirement is also complied with.

F192 [ (4) The Bank may take copies of or extracts from any item produced in compliance with a notice under subsection (1) or (2) and, if so required by the Bank, the person on whom a notice under subsection (1) was served or, in the case of a statement produced in compliance with a notice under subsection (2) , a person who is or has been an officer, member, agent or liquidator of the credit union shall provide any explanation which may reasonably be required of an item so produced. ]

(5) If a person on whom a notice is served under subsection (1) does not have in his possession or under his control any item specified in the notice but has knowledge of its whereabouts, he shall not be regarded as complying with the notice unless he states to the best of his knowledge and belief where the item is and, if so required, verifies that information by a statutory declaration.

(6) The production by any person of any item forming part of the books and documents of a credit union shall not prejudice any lien which that person claims over that item; but nothing in this section shall compel—

( a) the production by a barrister or solicitor of any document containing a privileged communication made by or to him in that capacity; or

( b) the furnishing of information contained in a privileged communication so made.

(7) A credit union or other person failing, without reasonable excuse, to comply with a notice under subsection (1) or subsection (2) shall be guilty of an offence.

(8) If the F193 [ Bank ] considers it just and so requires by notice in writing, all or any of the expenses incurred by F193 [ it ] in exercising F193 [ its ] powers under subsection (1) shall be met, either wholly or to such extent as F193 [ it ] may so require—

( a) out of the funds of the credit union; or

F194 [ ( b ) by the officers or former officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant or former voluntary assistant) of the credit union or any of them; ]

and any sum which a credit union or other person is required to pay by a notice under this subsection shall be recoverable summarily by the F193 [ Bank ] as a civil debt.

(9) In this section “ agent”, in relation to a credit union, includes its bankers, accountants, solicitors, auditors and its financial and other advisers.

Annotations:

Amendments:

F190

Substituted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70(4) and sch. 4 pt. 6 item 2, S.I. No. 557 of 2012.

F191

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(2) and sch. 3 pt. 2 item 2, S.I. No. 287 of 2013.

F192

Substituted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70(4) and sch. 4 pt. 6 item 2, S.I. No. 557 of 2012.

F193

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

F194

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 86, S.I. No. 393 of 2013.

Editorial Notes:

E61

Previous affecting provision: subs. (1) substituted (19.12.2012) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 70(4) and sch. 4 pt. 6 item 2, S.I. No. 557 of 2012; further substituted as per F-note above.

E62

Previous affecting provision: subs. (1)(b) prospectively amended by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 84; prospective amendment rendered spent (19.12.2012) on substitution of subsection as per E-note above.

E63

Previous affecting provision: subs. (4) prospectively amended by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 85; prospective amendment rendered spent (19.12.2012) on substitution of subsection as per F-note above.

E64

Previous affecting provision: subss. (1), (2) and (4) amended (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 57, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-notes above.