Credit Union and Co-operation with Overseas Regulators Act 2012

43.

Cessation of effect of this Part.

43.— (1) Subject to subsection (2), when the Minister is satisfied, after conducting a review to which subsection (2) relates, that ReBo has completed the performance of its functions under this Part, the Minister may—

( a) by order dissolve ReBo, and

( b) subject to the provisions of this Act, include in the order such incidental, ancillary or consequential provisions as the Minister considers necessary or expedient,

and, accordingly, this Part shall cease to have effect other than in so far as it relates to incidental, ancillary or consequential provisions provided for by the Minister under paragraph (b) and any such order may be amended by virtue of this section in so far as it relates to such provisions.

(2) ( a) The Minister shall, not later than 1 January 2016 and after consultation with ReBo and such other persons whom he or she considers appropriate, conduct a review of the operation of this Part to determine whether or not ReBo has, in the Minister’s opinion, completed the performance of its functions.

( b) Where, having conducted a review under this subsection, the Minister is satisfied that ReBo has not completed the performance of its functions, then the Minister shall conduct a further such review within 12 months of thepreceding review and such further review shall be considered as if it were a review conducted under paragraph (a).

(3) When an order under subsection (1) is proposed to be made, a draft of the order shall be laid before each House of the Oireachtas and the order shall not be made until a resolution approving of the draft has been passed by each such House.