78.—(1) In respect of each financial year, a meeting (to be known as the “annual general meeting”) of the members of a credit union shall be held F238[at a time, at a place in the State (where applicable) and in the manner (where applicable)] provided for under the rules.

(2) Subject to subsections (3) and (4) F239[and section 78A(2)], the annual general meeting of a credit union in respect of any financial year shall be held in the October, November, December or January following the end of that financial year.

(3) If a credit union fails to hold an annual general meeting in respect of any financial year as required by subsections (1) and (2) F239[or as provided for by section 78A(2), as the case may be,] F240[the Bank may call or require the calling by the credit union of such a meeting] on such date or within such period as F241[it] may specify and give such ancillary or consequential directions as he thinks expedient, including directions modifying or supplementing the operation of the rules of the credit union in relation to the calling, holding and conduct of the meeting.

(4) Where, in the opinion of the F241[Bank], it is necessary to do so—

(a) in the interests of the members or creditors of a credit union, or

(b) in the interests of the orderly and proper regulation of the business of a credit union,

the F241[Bank] may direct the credit union to postpone, for a period not exceeding nine months, the holding of the annual general meeting of the credit union in respect of the financial year specified in the direction.

(5) At each annual general meeting of a credit union, the directors shall lay before the credit union the annual accounts for the financial year in respect of which the meeting is held; and a copy of those accounts shall be delivered, F242[together with the notice of the meeting, to every person entitled under section 80(1) to receive a notice of the meeting].

(6) If, with respect to any annual general meeting, the directors of a credit union fail to comply with subsection (5), every person who was a director at the date of the meeting shall be guilty of an offence.

(7) Section 3 (3) shall not apply to directions under this section.