Credit Union Act 1997

Confirmation of amalgamation or transfer.

131

131. (1) An application for confirmation by the F286 [ Bank ] of an amalgamation of credit unions or a transfer of engagements shall be made in such manner as the F286 [ Bank ] may specify.

(2) A credit union which makes, or joins in making, an application for confirmation of an amalgamation or a transfer shall, within seven days after the date of the application, cause to be published, in at least two daily newspapers published in the State and circulating in the areas in which the registered offices of the credit unions concerned in the proposal are situated, a notice giving particulars of the application and indicating that representations relating to it (whether for or against) may be made in writing to the F286 [ Bank ] within such period (being not less than 21 days after the date of publication of the notice) as may be specified in the notice.

(3) A notice under subsection (2) shall be in such form as the F286 [ Bank ] may specify and shall indicate that a copy of the statement prepared under section 130 may be obtained on demand at the registered office of the credit union during the ordinary office hours of the credit union.

(4) Representations relating to an application under subsection (1) may be made to the F286 [ Bank ] within the period specified in the relevant notice published under subsection (2).

(5) The F286 [ Bank ] shall allow the credit union or credit unions seeking confirmation of an amalgamation or transfer an opportunity to comment on any representations made before the expiry of such period as the F286 [ Bank ] may specify in a notice to the credit union or credit unions.

(6) The F286 [ Bank ], having considered any application, representation and comment under this section, shall either—

( a) confirm the amalgamation or transfer, subject to such conditions (if any) as F286 [ it ] considers appropriate; or

( b) subject to subsection (7), refuse to confirm the amalgamation or transfer if F286 [ it ] is satisfied that—

(i) confirmation would be contrary to the public interest or the F286 [ Bank ]'s functions as respects credit unions; or

(ii) in the case of an amalgamation or in the case of a transfer which was the subject of a special resolution, some information material to the members' decision about the amalgamation or transfer was not made available to all the members eligible to vote; or

(iii) some relevant requirement of this Act (including, in particular, section 6 ) or the rules of any of the credit unions participating in the amalgamation or transfer was not fulfilled or not fulfilled as regards that credit union.

(7) The F286 [ Bank ] shall not be precluded from confirming an amalgamation or transfer by virtue only of the non-fulfilment of some relevant requirement of this Act or the rules of a credit union if it appears to the F286 [ Bank ] that it could not have been material to the members' decision about the amalgamation or transfer and the F286 [ Bank ] is satisfied that the failure may be disregarded for the purposes of this section.

(8) A failure to comply with a requirement of this Part or any rules of a credit union shall not invalidate an amalgamation or transfer, but a credit union which and any person who fails to comply with a requirement of this Part shall be guilty of an offence.

Annotations

Amendments:

F286

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