Credit Union Act 1997
F115 [ Governance arrangements in credit unions.
66A. — (1) A credit union shall have governance arrangements which shall —
( a ) be such as to ensure that there is effective oversight of the activities of the credit union, taking into consideration the nature, scale and complexity of the business being conducted,
( b ) include a clear organisational structure with well-defined, transparent and consistent reporting lines,
( c ) be documented and set out the roles, responsibilities and accountabilities of the officers clearly in writing,
( d ) be communicated in writing to all officers in the credit union, and
( e ) be subject to regular internal review by the board of directors on, at a minimum, an annual basis.
(2) A credit union shall have in place the oversight, policies, procedures, practices, systems, controls, skills, expertise and reporting arrangements to ensure compliance with the requirements set out in this Part. ]
Inserted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 24, S.I. No. 393 of 2013.