Credit Union Act 1997

Systems of control and safe custody.

109

109. (1) The systems of control which are to be established and maintained by a credit union pursuant to section 108 (1) are systems for the control of the conduct of its business as required by or under this Act and in accordance with the decisions of the board of directors and for the control of the accounting and other records of its business.

(2) Without prejudice to the generality of section 108 (1) , the systems of control must be such as to secure that the credit union's business is so conducted and its records so kept that—

( a) the information necessary to enable the officers, the credit union and the auditor to discharge their functions is sufficiently accurate, and is available with sufficient regularity and with sufficient promptness for those purposes, and

F249 [ ( b ) the information obtained by or furnished to the Bank is sufficiently accurate for the purposes for which it is obtained or furnished and is available as and when required by the Bank. ]

(3) Every credit union shall establish and maintain a system to ensure the safe custody of all documents of title belonging to the credit union.

Annotations

Amendments:

F249

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 97, S.I. No. 393 of 2013.

Editorial Notes:

E79

Previous affecting provision: subs. (2)(b) 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 74, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.