Credit Union Act 1997

Statement for members relating to proposed amalgamation or transfer of engagements.

130

130.F282 [ (1) A credit union which proposes

( a ) to amalgamate with one or more other credit unions,

( b ) to transfer its engagements to another credit union, or

( c ) to undertake to fulfil the engagements of another credit union,

shall, subject to subsection (2) , cause to be sent to every member entitled to notice of a general meeting of the credit union and to the auditor of the credit union a statement, in such form as the Bank may specify in writing, showing the matters specified in subsection (3) , together with a copy of the annual accounts for each credit union concerned for the most recent financial year. ]

(2) If, in the case of a credit union proposing to transfer its engagements or to fulfil the engagements of another credit union, the F283 [ Bank ] has consented under section 129 to the credit union proceeding by a resolution of its board of directors, subsection (1) shall not apply but, within the seven days following the meeting of the board at which that resolution is passed, the secretary of the credit union shall send to every member and to the auditor of the credit union—

F284 [ ( a ) a notice of the resolution passed by the board of directors,

( b ) a statement, in such form as the Bank may prescribe, showing the matters specified in subsection (3) , and

( c ) a copy of the annual accounts for each credit union concerned for the most recent financial year. ]

(3) The matters referred to in subsection (1) are—

( a) the financial position of each credit union concerned (as appearing from the most recent unaudited monthly statements);

( b) details of any payments proposed to be made to members of each credit union concerned in consideration of the proposed amalgamation or transfer;

( c) any changes to be made, in connection with the amalgamation or transfer, in the terms governing outstanding loans;

( d) the details of the arrangements proposed in relation to employees of each credit union; and

( e) any other matter which the F283 [ Bank ] may require in the case of a particular amalgamation or transfer.

(4) No statement shall be sent to the members of a credit union under F285 [ subsection (1) or (2) ] unless its contents have been approved by the F283 [ Bank ] but, subject to that, such a statement shall be so sent that every member referred to in that subsection receives it not later than the date on which F283 [ it ] receives notice of any resolution which—

( a) is in favour of the proposal concerned; and

( b) is to be moved at a general meeting of the credit union.

Annotations

Amendments:

F282

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 110, S.I. No. 393 of 2013.

F283

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 91, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26.

F284

Substituted and inserted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 111, S.I. No. 393 of 2013.

F285

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 112, S.I. No. 393 of 2013.

Editorial Notes:

E88

Previous affecting provision: subss. (1) and (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 91, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-notes above.