Credit Union Act 1997

Inspection of books.

76

76.—(1) Notwithstanding anything in the rules of a credit union, except as provided by this Act or any other enactment, no-one (whether a member of the credit union or not) shall have the right to inspect the books of a credit union.

(2) F205[…]

(3) The rules of a credit union may make provision for the disclosure of its books and documents for the purpose of enabling it to enter into contracts for the benefit of the credit union.

(4) Subject to subsection (5), on the application of thirty members of a credit union, the F206[Bank] may appoint an accountant to inspect and report on the books and documents of the credit union.

(5) An application under subsection (4) shall contain such particulars as the F206[Bank] may require and shall not be valid unless—

(a) each of the members making the application has been a member throughout the whole of the twelve months immediately preceding the date of the application; and

(b) the members making the application deposit with the F206[Bank] as security for the costs of the proposed inspection such sum as the F206[Bank] may reasonably require.

(6) An accountant appointed under subsection (4) may make copies of, and take extracts from, any books or documents of the credit union at all reasonable hours at the credit union's registered office or at any other place where those books or documents are kept.

(7) All expenses of and incidental to an inspection by an accountant appointed under subsection (4) shall be defrayed in such proportions as the F206[Bank] may direct—

(a) by the members making the application;

(b) out of the funds of the credit union; and

F207[(c) by the members or officers (other than any person who is an officer solely by virtue of being a voluntary assistant) or former members or officers (other than any person who was an officer solely by virtue of being a former voluntary assistant) of the credit union.]

(8) The F206[Bank] shall make known the results of an inspection by an accountant appointed under subsection (4) to the members who made the application and to the credit union.

Annotations

Amendments:

F205

Deleted (8.04.2024) by Credit Union (Amendment) Act 2023 (34/2023), s. 41(a), S.I. No. 57 of 2024.

F206

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

F207

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 71, S.I. No. 393 of 2013.

F208

Substituted by Credit Union (Amendment) Act 2023 (34/2023), s. 41(b), not commenced as of date of revision.

Modifications (not altering text):

C24

Prospective affecting provision: subs. (4) substituted by Credit Union (Amendment) Act 2023 (34/2023), s. 41(b), not commenced as of date of revision.

F208[(4) Subject to subsection (5), on the application of—

(a)  in the case of a credit union other than a corporate credit union, 30 members of the credit union, and

(b) in the case of a corporate credit union, one or more members of the credit union holding or together holding not less than 10 per cent of the shares in the credit union,

the Bank may appoint an accountant to inspect and report on the books and documents of the credit union.]