Credit Union Act 1997

Raising of funds by shares and deposits.

27

F32 [ 27. (1) A credit union may raise funds to be used for its objects

( a ) by the issue to its members of shares in the credit union (which may be withdrawable or non-withdrawable), and

( b ) by the acceptance of money on deposit from a member,

and the cumulative amount of such shares in, and money on deposit (if any) with, the credit union is referred to in this Act as savings .

(2) For the adequate protection of the savings of members of credit unions the Bank may prescribe requirements and limits for savings, including

( a ) the maximum amount of savings (expressed as a monetary amount or as a percentage of some monetary amount or determinable monetary amount) or category of savings a credit union member may hold,

( b ) the ratio of total deposits from members that may be held by a credit union to total shares issued to members, and

( c ) any other requirement or limit which the Bank considers necessary to prescribe.

(3) In prescribing matters for the purposes of this section, the Bank shall have regard to the need to ensure that the requirements imposed by the regulations made by it are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply. ]

Annotations

Amendments:

F32

Substituted (1.01.2016) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 8, S.I. No. 584 of 2015.

Editorial Notes:

E22

Previous affecting provision: power pursuant to subsection (5) exercised and subss. (2) and (4) amended (14.08.2006) by Credit Union Act 1997 (Alteration of Financial Limits) Order 2006 (S.I. No. 453 of 2006), art. 2; substituted as per F-note above.

E23

Previous affecting provision: subss. (3) and (4) 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 14, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.

E24

Previous affecting provision: subs. (1)(b) amended (1.01.2002) by Credit Union Act, 1997 (Alteration of Financial Limit) Regulations 2001 (S.I. No. 476 of 2001), reg. 1(b); substituted as per F-note above.

E25

Previous affecting provision: subss. (1)(b) and (4)(a), (b) amended (1.01.2002) by Euro Changeover (Amounts) Act 2001 (16/2001), s. 6(e), commenced as per section; further amended as per E-note above.

E26

Previous affecting provision: subs. (1)(b) amended (25.10.2001) by Credit Union Act, 1997 (Alteration of Financial Limit) Regulations 2001 (S.I. No. 476 of 2001), reg. 1(a); further amended as per E-note above.