Credit Union Act 1997
Number 15 of 1997
CREDIT UNION ACT 1997
REVISED
Updated to 26 April 2023
This Revised Act is an administrative consolidation of the Credit Union Act 1997. It is prepared by the Law Reform Commission in accordance with its function under the Law Reform Commission Act 1975 (3/1975) to keep the law under review and to undertake revision and consolidation of statute law.
All Acts up to and including the Patient Safety (Notifiable Incidents and Open Disclosure) Act 2023 (10/2023), enacted 2 May 2023, and all statutory instruments up to and including the Assisted Decision-Making (Capacity) (Amendment) Act 2022 (Commencement) (No. 2) Order 2023 (S.I. No. 194 of 2023), made 26 April 2023, were considered in the preparation of this Revised Act.
Disclaimer: While every care has been taken in the preparation of this Revised Act, the Law Reform Commission can assume no responsibility for and give no guarantees, undertakings or warranties concerning the accuracy, completeness or up to date nature of the information provided and does not accept any liability whatsoever arising from any errors or omissions. Please notify any errors, omissions and comments by email to
revisedacts@lawreform.ie.
Number 15 of 1997
CREDIT UNION ACT 1997
REVISED
Updated to 26 April 2023
Introduction
This Revised Act presents the text of the Act as it has been amended since enactment, and preserves the format in which it was passed.
Related legislation
Credit Union Acts 1997 to 2020: this Act is one of a group of Acts included in this collective citation, to be construed together as one (Credit Union Restructuring Board (Dissolution) Act 2020 (22/2020), s. 1(2)). The Acts in this group are:
• Credit Union Act 1997 (15/1997)
• Euro Changeover (Amounts) Act 2001 (16/2001), ss. 6 and 9(3)
• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), other than ss. 36, 37, 48(2), and 56(3), Part 5 and Schedules 2-5
• Companies (Statutory Audits) Act 2018 (22/2018), s. 72
• Credit Union Restructuring Board (Dissolution) Act 2020 (22/2020), other than Part 4 (ss. 20-22)
Annotations
This Revised Act is annotated and includes textual and non-textual amendments, statutory instruments made pursuant to the Act and previous affecting provisions.
An explanation of how to read annotations is available at
www.lawreform.ie/annotations.
Material not updated in this revision
Where other legislation is amended by this Act, those amendments may have been superseded by other amendments in other legislation, or the amended legislation may have been repealed or revoked. This information is not represented in this revision but will be reflected in a revision of the amended legislation if one is available.
Where legislation or a fragment of legislation is referred to in annotations, changes to this legislation or fragment may not be reflected in this revision but will be reflected in a revision of the legislation referred to if one is available.
A list of legislative changes to any Act, and to statutory instruments from 1972, may be found linked from the page of the Act or statutory instrument at
www.irishstatutebook.ie.
Acts which affect or previously affected this revision
• Assisted Decision-Making (Capacity) (Amendment) Act 2022 (46/2022)
• Finance (Miscellaneous Provisions) Act 2020 (25/2020)
• Companies (Statutory Audits) Act 2018 (22/2018)
• Financial Services and Pensions Ombudsman Act 2017 (22/2017)
• Competition and Consumer Protection Act 2014 (29/2014)
• Central Bank (Supervision and Enforcement) Act 2013 (26/2013)
• Personal Insolvency Act 2012 (44/2012)
• Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012)
• Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011)
• Credit Institutions (Stabilisation) Act 2010 (36/2010)
• Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (24/2010)
• Central Bank Reform Act 2010 (23/2010)
• Markets in Financial Instruments and Miscellaneous Provisions Act 2007 (37/2007)
• Investment Funds, Companies and Miscellaneous Provisions Act 2005 (12/2005)
• Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004)
• Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003)
• Euro Changeover (Amounts) Act 2001 (16/2001)
• Central Bank Act 1997 (8/1997)
• Central Bank 1942 (22/1942)
All Acts up to and including Patient Safety (Notifiable Incidents and Open Disclosure) Act 2023 (10/2023), enacted 2 May 2023, were considered in the preparation of this revision.
Statutory instruments which affect or previously affected this revision
• Credit Union Act 1997 (Section 3A) Order 2021 (S.I. No. 197 of 2021)
• Credit Union Act 1997 (Regulatory Requirements) (Amendment) Regulations 2020 (S.I. No. 675 of 2019)
• Credit Union Act 1997 (Regulatory Requirements) (Amendment) Regulations 2019 (S.I. No. 642 of 2019)
• Credit Union Act 1997 (Regulatory Requirements) (Amendment) Regulations 2018 (S.I. No. 32 of 2018)
• Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (S.I. No. 1 of 2016)
• Credit Union Act 1997 (Section 85) Rules 2010 (S.I. No. 515 of 2010)
• Credit Union Act 1997 (Section 85) Rules 2009 (S.I. No. 344 of 2009)
• Credit Union Act 1997 (Exemption from Additional Services Requirements) (Amendment) Regulations 2007 (S.I. No. 838 of 2007)
• Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2007 (S.I. No. 193 of 2007)
• Credit Union Act 1997 (Exemption From Additional Services Requirements) Regulations 2007 (S.I. No. 107 of 2007)
• Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2006 (S.I. No. 546 of 2006)
• Credit Union Act 1997 (Alteration of Financial Limits) Order 2006 (S.I. No. 453 of 2006)
• Credit Union Act 1997 (Exemption From Additional Services Requirements) Regulations 2004 (S.I. No. 223 of 2004)
• Credit Union Act, 1997 (Alteration of Financial Limit) Regulations 2001 (S.I. No. 476 of 2001)
• Credit Union Act, 1997 (Commencement) Order 2001 (S.I. No. 378 of 2001)
• Credit Union Act, 1997 (Fees) Regulations 1998 (S.I. No. 155 of 1998)
• Credit Union Act, 1997 (Commencement) Order 1997 (S.I. No. 403 of 1997)
All statutory instruments up to and including Assisted Decision-Making (Capacity) (Amendment) Act 2022 (Commencement) (No. 2) Order 2023 (S.I. No. 194 of 2023), made 26 April 2023, were considered in the preparation of this revision.
Number 15 of 1997
CREDIT UNION ACT 1997
REVISED
Updated to 26 April 2023
ARRANGEMENT OF SECTIONS
Preliminary and General
Section |
|
Registration and Membership
Registration
Supplemental provisions relating to registration, etc., under section 6 of Principal Act. |
|
Protection of use of seal and registered name of credit union. |
Rules
Membership
Payments in respect of mentally incapable persons. (Repealed) |
|
Operation of Credit Unions
Business and raising of funds
Shares and deposits
Borrowing
Loans
Other transactions
Investments etc.
Savings protection scheme. (Repealed) |
|
Provision of additional services to members
The Registrar's approval of provision of additional services. |
|
Requirements applicable to credit unions providing additional services. |
|
Management of Credit Unions
Directors
Supervisory Committee
Supervisory Committee. (Repealed) |
|
Functions of Supervisory Committee. (Repealed) |
|
Supervisory Committee: removal from office. (Repealed) |
|
Officers
Functions of treasurer. (Repealed) |
|
General governance requirements
General provisions
Additional requirements for credit unions
Board Oversight Committee
Meetings, Resolutions etc.
Control and Supervision of Credit Unions by the Bank
General
Regulatory directions and prohibition orders
Power of Court to prohibit continuance of certain contraventions. |
Inspections and information
Provisions supplementary to investigations under section 92. |
|
Supervisory powers
Administrative Provisions
Delivery to the Registrar of documents otherwise than in legible form. |
|
Accounts and Audit
Resolutions relating to appointment and removal of auditors. |
|
Requisitioning of general meeting and circulation of statement by resigning auditor. |
|
Disputes and Complaints
Amalgamations and Transfers of Engagements
Statement for members relating to proposed amalgamation or transfer of engagements. |
|
Winding up
Appointment of Credit Union Administrator
Appointment of Examiner
Effect of petition to appoint examiner on creditors and others. |
|
Effect on receiver or provisional liquidator of order appointing examiner. |
|
Offences and Civil Proceedings
Miscellaneous and General
Matters to be Provided for in Rules of Credit Union
Form of Receipt
Credit Committee, Credit Control Committee and Membership Committee
Supplementary Provisions in Relation to Regulatory Directions
Supplementary Provisions as to Removal or Suspension by the Registrar of Directors and Members of Supervisory Committee
Acts Referred to |
|
Arbitration Acts, 1954 and 1980 |
|
Bills of Sale (Ireland) Acts, 1879 and 1883 |
|
1989, No. 17 |
|
1971, No. 24 |
|
Central Bank Acts, 1942 to 1997 |
|
1963, No. 33 |
|
1990, No. 33 |
|
Companies Acts, 1963 to 1990 |
|
1995, No. 24 |
|
1966, No. 19 |
|
Friendly Societies Acts, 1896 to 1977 |
|
1978, No. 23 |
|
Industrial and Provident Societies Acts, 1893 to 1978 |
|
Petty Sessions (Ireland) Act, 1851 |
14 & 15 Vict. c.93 |
1996, No. 12 |
|
1957, No. 6 |
|
1947, No. 44 |
Number 15 of 1997
CREDIT UNION ACT 1997
REVISED
Updated to 26 April 2023
AN ACT TO MAKE NEW PROVISION IN RELATION TO CREDIT UNIONS AND FOR CONNECTED PURPOSES. [3rd May, 1997]
BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:
Annotations
Modifications (not altering text):
C1
Application of Act restricted (1.03.2013) by Personal Insolvency Act 2012 (44/2012), s. 135(2), S.I. No. 63 of 2013.
Set-off to be applied.
135.— ...
(2) Notwithstanding any provision of the Credit Union Act 1997, savings (within the meaning of that Act) of a debtor in a credit union shall be subject to set off in accordance with subsection (1) against a debt owed by the debtor to the credit union.
C2
Application of Act restricted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 49(7)(a), S.I. No. 548 of 2011, and as substituted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(c)(iv), in force as per reg. 1(2).
Effect of transfer order — general.
49.— ...
(7) Subsection (6) has effect notwithstanding anything in—
[(a) the Credit Union Act 1997, or]
...
C3
Application of Act restricted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 69(6)(a), S.I. No. 548 of 2011, and as amended by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(d), in force as per reg. 1(2).
Effect of appointment of special manager.
69.— ...
(6) A special management order has effect notwithstanding anything in—
(a) the Companies Acts, [...] the Credit Union Act 1997 or the Central Bank Acts 1942 to 2011,
...
Editorial Notes:
E1
Responsibilities and powers for managing the performance and exercise of functions and powers of Central Bank under Act delegated to Registrar of Credit Unions by Central Bank Act (22/1942), s. 33AA, as inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 26, S.I. No. 160 of 2003.
E2
Act included within definition of “designated enactments” for purposes of Central Bank Act 1942 (22/1942), s. 2(1) and sch. 2 pt. 1 item 25, as inserted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 31 and as substituted (1.10.2010) by Central Bank Reform Act 2010 (23/2010), s. 14(1) and sch. 1 pt. 1 items 6 and 82, S.I. No. 469 of 2010.
E3
Previous affecting provision: power to designate powers of members to Minister prescribed (21.12.2010) by Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 47(1), S.I. No. 623 2010; reference to Act deleted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 pt. 5 item 51, S.I. No. 548 of 2011.
E4
Previous affecting provision: application of Act restricted (21.12.2010) by Credit Institutions (Stabilisation) Act 2010 (36/2010), s. 53(a), S.I. No. 623 2010; reference to Act deleted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 pt. 5 item 56, S.I. No. 548 of 2011.
E5
Provision for the continuance in force of certain existing regulations made by Minister for Enterprise, Trade and Employment under Act, capable of being continued in force by the Minister for Finance, made (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 36 and sch. 3 para. 27, S.I. No. 160 of 2003.