180.—(1) There shall continue to be a body known as the Credit Union Advisory Committee (in this Act referred to as “the Advisory Committee”) which shall exercise the functions assigned to it by this Act.

(2) The Advisory Committee shall advise the Minister and such other persons as the Minister thinks fit in relation to—

(a) the improvement of the management of credit unions;

(b) the protection of the interests of members and creditors of credit unions; and

(c) other matters relating to credit unions upon which the Minister, the F424[Bank] or such other persons as may be specified by the Minister may from time to time seek the advice of the Committee.

(3) The Advisory Committee shall consist of not more than seven persons appointed for such period as the Minister thinks fit; and every person so appointed shall be chosen by the Minister for appointment—

(a) by reason of that person's knowledge of matters pertaining to credit unions; or

(b) because that person is capable of giving substantial practical assistance in the work of the Advisory Committee.

(4) Any person who is for the time being entitled under the Standing Orders of either of the Houses of the Oireachtas to sit therein shall, while so entitled, be disqualified from being a member of the Advisory Committee.

(5) Where a member of the Advisory Committee becomes a member of either House of the Oireachtas he shall, upon becoming entitled under the Standing Orders of that House to sit therein, cease to be a member of the Committee.

F425[ (6) The Minister shall from time to time nominate one member of the Advisory Committee to act as its chair.]

(7) There shall be paid to every member of the Advisory Committee such remuneration and expenses as the Minister F426[…] may determine.

(8) Nothing in subsection (3) shall be taken to affect the term of appointment of any person who is a member of the Advisory Committee at the commencement of this section.