Credit Union Act 1997

Credit, credit control and membership committees.

67

67.F118 [ (1) Without prejudice to section 56A , the board of directors shall appoint

( a ) a credit committee, which shall decide on applications for credit;

( b ) a credit control committee, which shall seek to ensure the repayment of loans by members of the credit union in accordance with their loan agreements; and

( c ) a membership committee which shall consider applications for membership of the credit union;

and the Third Schedule shall apply to the committees. ]

(2) The record of applications for credit furnished by a credit officer under section 65 (2) shall be considered by the credit committee at its next following meeting and become part of the records of the credit union.

(3) The membership committee shall—

( a) at least once in every month notify the board of directors of the new members whose applications they have approved; and

( b) where there is a doubt in respect of an applicant's qualification for membership of the credit union, submit the application for membership to the board of directors for a decision.

Annotations

Amendments:

F118

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 53, S.I. No. 393 of 2013.