Credit Union and Co-operation with Overseas Regulators Act 2012
66.— (1) On the appointed day there shall stand established by the Minister a body known as the Credit Union Stabilisation Committee (in this Part referred to as the “Stabilisation Committee”) which shall exercise the functions assigned to it by this section.
(2) The Stabilisation Committee shall examine the implementation by the Bank of the Bank’s requirements and procedures in relation to its functions under this Part and the exercise of those functions by the Bank. Where after such examination the Stabilisation Committee forms a conclusion on any matter, it shall forward it in writing to the Minister and the Bank.
(3) In performing its functions the Stabilisation Committee shall not interfere or otherwise impinge on the independence of the Bank in the performance by the Bank of any of its functions.
(4) ( a) The Stabilisation Committee shall consist of not more than 7 persons appointed in writing by the Minister for such period as the Minister thinks fit.
( b) A person appointed to the Stabilisation Committee shall be chosen by the Minister for appointment having regard to the representative nature of the person, and the volunteer ethos of credit unions and their representative bodies.
( c) The Minister may remove a person from the Stabilisation Committee for stated reasons.
( d) A person may resign from the Stabilisation Committee by sending his or her resignation in writing to the Minister.
(5) ( a) The Minister shall from time to time nominate one member of the Committee to act as chair.
( b) The Minister may for stated reasons remove a person from acting as chair, with or without removing the person from being a member of the Stabilisation Committee.
(6) Subject to the other provisions of this section, the Stabilisation Committee shall decide on its own procedures.