Credit Union Act 1997

Winding up by instrument of dissolution.

135

135. (1) Subject to the provisions of this section, if by a special resolution a credit union resolves that it be wound up by an instrument of dissolution, the credit union shall be dissolved by such an instrument, bearing the signatures of the secretary and a member of the board of directors.

(2) An instrument of dissolution shall set forth—

( a) the liabilities and assets of the credit union in detail;

( b) the number of the members and the nature of their respective interests in the credit union;

( c) the claims of creditors, if any, and the provision to be made for their payment; and

( d) the intended appropriation or division of any surplus or balance, as recommended by the board of directors and approved by the F276 [ Bank ];

and in paragraph (d)surplus or balance” means surplus or balance of funds and property of the credit union left after members have been paid in full.

(3) Alterations to the instrument of dissolution may be made by the consent of not less than three quarters of the members of the credit union present and voting at a special general meeting called for the purpose, which consent shall be testified by the signatures of the secretary and a member of the board of directors to the alteration.

(4) The instrument of dissolution shall be sent to the F276 [ Bank ] accompanied by a statutory declaration made by the secretary and three other members of the credit union stating that all relevant provisions of this Act have been complied with.

(5) After the F276 [ Bank ] has received such a final return as is referred to in section 124 (4) , the instrument of dissolution and any amendments to it shall be registered in like manner as an amendment of the rules of the credit union and shall be binding upon all the members of the credit union.

(6) The F276 [ Bank ] shall cause notice of the dissolution to be advertised at the expense of the credit union in Iris Oifigiúil and in any other manner which the F276 [ Bank ] considers necessary for bringing the notice to the attention of persons affected by the dissolution and, subject to subsection (7), from the date of the advertisement or, if it is later, the date when the certificate required by section 136 (1) is lodged with the F276 [ Bank ], the credit union shall be dissolved.

F277 [ (7) A credit union shall not be dissolved as mentioned in subsection (6) if

( a ) within one month of the date of the advertisement referred to in that subsection, a member or other person interested in or having any claim on the funds of the credit union commences proceedings in the Court to set aside the dissolution of the credit union,

( b ) not less than 7 days before those proceedings are commenced, the person intending to institute them serves notice of intention on the Bank, and

( c ) the dissolution of the credit union is set aside accordingly,

and, within 7 days from the making of any order setting the dissolution aside, the credit union shall send notice of the order to the Bank. ]

F278 [ (8) If the date of the meeting at which the special resolution referred to in subsection (1) is passed falls within one year after the credit union has changed its name, the former name, as well as the existing name, shall appear on all notices and advertisements relating to its dissolution under this section. ]

Annotations:

Amendments:

F276

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

F277

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 114, S.I. No. 393 of 2013.

F278

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 115, S.I. No. 393 of 2013.

Editorial Notes:

E85

Previous affecting provision: subs. (7) 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 96, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.