Credit Union Act 1997

Removal or suspension of directors and members of Supervisory Committee.

96

96. (1) Where the F210 [ Bank ] is of the opinion, F211 [ after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013 ] or after an investigation under section 92 , that it is necessary to do so in the interest of the members or creditors of a credit union or of the orderly and proper regulation of the business of a credit union, F210 [ it ] may—

( a) remove from office, or

( b) suspend from office for such period not exceeding three months as the F210 [ Bank ] considers appropriate,

all or any of the directors or members of the F212 [ board oversight committee ] of the credit union.

F213 [ (2) The removal or suspension from office by the Bank of a director or member of the F212 [ board oversight committee ] of a credit union under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942 .

(3) If a director or member of the F212 [ board oversight committee ] of a credit union is removed by the Bank under this section or if, on the hearing of an appeal against the removal, the removal is confirmed by the Irish Financial Services Appeals Tribunal under Part VIIA of the Central Bank Act 1942 , the vacancy caused by the removal shall be treated as a casual vacancy.

(4) A director or member of the F212 [ board oversight committee ] of a credit union who is removed from office under this section is, for 5 years from the date when the removal takes effect, disqualified from holding office as an officer, F214 [ or auditor of a credit union ] .

(5) If a director or member of the F212 [ board oversight committee ] of a credit union is suspended under this section, the remaining directors or members of the F212 [ board oversight committee ] constitute the board of directors or the F212 [ board oversight committee ] .

(6) No claim lies against the Bank, the Minister or the State for any loss of office arising directly or indirectly from any of the provisions of this section. ]

(7) F215 [ ]

Annotations:

Amendments:

F210

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

F211

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(2) and sch. 3 pt. 2 item 6, S.I. No. 287 of 2013.

F212

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 93, S.I. No. 393 of 2013.

F213

Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 5, S.I. No. 455 of 2004.

F214

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 94, S.I. No. 393 of 2013.

F215

Deleted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 5, S.I. No. 455 of 2004.

Editorial Notes:

E68

Previous affecting provision: subss. (2), (4) and (7) 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 62, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted and deleted as per F-notes above.