Credit Union Act 1997

Directors: supplemental provisions.

57

57. (1) A register of directors shall be kept by the secretary of the credit union and signed by all the directors of a credit union each year after the annual general meeting of a credit union or, in the case of a director appointed to fill a casual vacancy, after his appointment.

F98 [ (2) In the event that the number of directors of a credit union falls to less than half the number specified in the registered rules, the secretary of the credit union shall forthwith notify the Bank and the board oversight committee of the credit union. ]

(3) The acts of a director of a credit union shall be valid notwithstanding any defect in the appointment of the director which may be subsequently discovered.

F99 [ (4) Where any of the following events occurs

( a ) the secretary of the credit union has given notice under section 53(17) that all the directors of the credit union intend to resign on the same date,

( b ) all the directors have been removed or suspended in accordance with section 96(1) , or

( c ) there is no board of directors,

then the board oversight committee shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a board of directors. ]

(5) If the special general meeting referred to in subsection (4) is not convened in accordance with the provisions of that subsection, the F100 [ Bank ] may convene such a special general meeting under section 92 (1)(b) .

Annotations

Amendments:

F98

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 sch. 1 item 45, S.I. No. 393 of 2013.

F99

Substituted (3.03.2014) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 sch. 1 item 46, S.I. No. 99 of 2014.

F100

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

Editorial Notes:

E47

Previous affecting provision: subs. (2) 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 32, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.