Credit Union Act 1997
Arbitration and procedural matters.
126.— (1) In this section—
( a) “ dispute” means such a dispute as is referred to in subsection (1) of section 125 ; and
( b) “ the Arbitration Acts” means the Arbitration Acts, 1954 and 1980.
(2) Where the registered rules of a credit union provide that a dispute shall be determined by arbitration, the Arbitration Acts shall, subject to any necessary modifications, apply to that dispute and—
( a) the rules of the credit union shall, for the purposes of this subsection, be deemed to be an arbitration agreement within the meaning of the Arbitration Acts;
( b) arbitrators shall be named and selected in accordance with the rules of the credit union or, if the rules make no such provision, one arbitrator shall be named by the board of directors and one by the member, former member or other person who is a party to the dispute with the credit union; and
( c) an arbitrator shall not be beneficially interested, whether directly or indirectly, in the funds of the credit union.
F274 [ (3) If the rules of a credit union provide for a dispute to be determined by the Bank or the Registrar of Credit Unions, the Arbitration Acts apply to the dispute subject to any necessary modifications. In applying the Arbitration Acts, the following provisions apply:
( a ) the rules are to be treated as an arbitration agreement within the meaning of those Acts;
( b ) a person nominated by the Bank, or the Registrar of Credit Unions, is to be a single arbitrator for the purpose of those Acts;
( c ) the provisions of those Acts relating to the appointment of additional arbitrators or umpires do not apply.
(4) The Minister may, by order notified in Iris Oifigi ú il , provide for the functions of the Bank or the Registrar of Credit Unions under subsection (3) to be performed —
( a ) by an adjudicator appointed under a scheme established by an order in force under section 127 , or
( b ) if there is no such scheme, by an adjudicator appointed under a non-statutory scheme for the adjudication of complaints against credit unions.
(5) The Minister may make an order under subsection (4) only after consulting the Bank, the Advisory Committee and such other bodies as appear to the Minister to have expertise or knowledge about credit unions, ]
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 87, S.I. No. 160 of 2003, subject to saver in s. 36 and sch. 3 para. 26.
Inserted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 14 item 4, not commenced as of date of revision.
Modifications (not altering text):
Prospective affecting provision: subss. (6) and (7) inserted by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 33 and sch. 3 pt. 14 item 4, not commenced as of date of revision. Note construction of reference to “Financial Services Ombudsman” (1.01.2018) by Financial Services and Pensions Ombudsman Act 2017 (22/2017), s. 29(3), S.I. No. 524 of 2018.
F275 [ (6) The Financial Services Ombudsman may, if satisfied that the circumstances make it appropriate to do so, deal with a dispute that would, but for subsection (3) , be a complaint in respect of which that Ombudsman would have jurisdiction under Part VIIB of the Central Bank Act 1942 .
(7) If the Financial Services Ombudsman elects to deal with a dispute as provided by subsection (6) , subsection (3) ceases to apply to the dispute. ]
Provision for the continuance in force of certain existing regulations made by Minister for Enterprise, Trade and Employment under section, 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(2), S.I. No. 160 of 2003. It appears however that no such regulations exist.