Credit Union Act 1997
Approval of loans.
36.—(1) A credit union shall not make a loan to a member unless it is approved in accordance with this section.
(2) F82[A loan must be approved] according as the rules of the credit union require—
(a) by such number of members of the board of directors voting by secret ballot at a meeting of the board at which the application for the loan is considered as represents at least two-thirds of those present and a majority of the members of the board as a whole; or
(b) by such number of members of the credit committee present at a meeting of that committee at which the application for the loan is considered as represents at least two-thirds of those present and a majority of the committee members as a whole; or
(c) by a F82[credit officer; or]
F83[(d) in accordance with a loan approval process which has been approved by the board of directors.]
(3) F84[…]
(4) F84[…]
(5) F84[…]
(6) F85[…]
Annotations
Amendments:
F82
Substituted (8.04.2024) by Credit Union (Amendment) Act 2023 (34/2023), s. 19(a)(i), (ii), S.I. No. 57 of 2024.
F83
Inserted (8.04.2024) by Credit Union (Amendment) Act 2023 (34/2023), s. 19(a)(iii), S.I. No. 57 of 2024.
F84
Deleted (8.04.2024) by Credit Union (Amendment) Act 2023 (34/2023), s. 19(b), S.I. No. 57 of 2024.
F85
Deleted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 17, S.I. No. 280 of 2013.
Editorial Notes:
E39
Previous affecting provision: subss. (3), (4), (5) Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 items 14, 15, 16, S.I. No. 393 of 2013, deleted as per F-Note above.