Credit Union Act 1997

Persons disqualified from acting.


72.F126 [ (1) A person who has been adjudicated bankrupt and whose bankruptcy still subsists or who has been convicted of an offence in relation to a credit union or an offence involving fraud or dishonesty shall not

( a ) sign an application form for the registration of a society as a credit union,

( b ) be qualified to be appointed or to act as an officer, auditor, receiver or liquidator of a credit union,

( c ) directly or indirectly take part in or be concerned in the management or operation of a credit union, or

( d ) permit his or her name to be put forward for election or appointment to any of the positions referred to in paragraph (b) . ]

F127 [ (2) If a person who is a member of

( a ) the board of directors,

( b ) the board oversight committee, or

( c ) a principal Committee,

of a credit union is adjudicated bankrupt or convicted of such an offence as is referred to in subsection (1) , then such person shall forthwith cease to hold office and the vacancy thereby created shall be deemed to be a casual vacancy and be filled accordingly. ]

(3) A decision of the board of directors of a credit union shall not be affected by the presence at a meeting of the board of a person who, by virtue of this section, is disqualified from being a director; but any vote which such a person purports to cast shall be disregarded.

(4) Any person who, in relation to a credit union, purports to act in a manner or capacity which, by virtue of his being disqualified under this section, he is prohibited from doing shall be guilty of an offence.