Credit Union Act 1997

Acquisition, holding and disposal of land.

41

41. (1) A credit union may acquire and hold in its own name any land for the purpose of conducting its business on the land (including erecting a building on the land for that purpose) but for no other purpose.

(2) A credit union may dispose of any land held by it and, where it does so—

( a) no person shall be bound to inquire as to the authority for any dealing with the land by the credit union; and

( b) a receipt of the credit union shall be a discharge for all money arising from or in connection with any dealing with land by it.

(3) For the purposes of subsection (2) (but not subsections (4) and (5)), a disposal of land held by a credit union includes the creation, out of the interest held by the credit union, of a lease, sub-lease or lesser interest.

(4) If a building held by a credit union entirely ceases to be occupied for the purposes of the business of the credit union, the credit union shall dispose of its interest in that building as soon as it is practicable to do so.

F64 [ (5) If the Bank is of the opinion that any building or other land held by a credit union is not in the best interest of the credit union, it may decide to direct and direct the credit union to dispose of its interest in it. ]

(6) F65 [ ]

(7) Section 3 (3) shall not apply to a direction under subsection (5).

Annotations:

Amendments:

F64

Substituted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 29, S.I. No. 280 of 2013.

F65

Deleted (1.08.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 30, S.I. No. 280 of 2013.

Editorial Notes:

E32

Previous affecting provision: subs. (5) 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 21, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.