Credit Union Act 1997

Promissory notes and bills of exchange.

39

39. (1) A promissory note or bill of exchange shall be deemed to have been made, accepted or endorsed on behalf of a credit union if made, accepted or endorsed in the name of the credit union by a person acting under its authority.

(2) Where no such authority as is referred to in subsection (1) exists, the F65 [ Bank ] may, if F65 [ it ] thinks fit, appoint a person or persons to act on behalf of the credit union; and any person or persons so appointed shall have the like powers under subsection (1) as if acting under the authority of the credit union.

Annotations

Amendments:

F65

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