Credit Union Act 1997

Termination of administration.

140

140. (1) The administration of a credit union and the appointment of an administrator pursuant to an administration order shall terminate—

( a) upon the making of an order for the winding up of the credit union concerned; or

( b) upon the making of an order under Part XII for the appointment of an examiner to the credit union concerned; or

( c) upon the making of an order by the Court, in accordance with subsection (2), for the termination of the administration.

(2) The Court shall not make an order for termination of the administration of a credit union except—

( a) on the application of the F300 [ Bank ] or of the administrator with the approval of the F300 [ Bank ]; and

( b) in circumstances where the Court considers—

(i) that, if the administration is terminated, the business of the credit union will not be so conducted as to jeopardise or prejudice the rights and interests of its members and will continue to be in all other respects on a sound financial footing; and

(ii) that it would be unjust and inequitable not to make the order.

Annotations

Amendments:

F300

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