Credit Union Act 1997

The annual general meeting.

78

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 in the State at a time and place provided for under the rules.

(2) Subject to subsections (3) and (4), 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), F159 [ the Bank may call or require the calling by the credit union of such a meeting ] on such date or within such period as F160 [ 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 F160 [ 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 F160 [ 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, together with the notice of the meeting, to every person entitled to receive such a notice.

(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.

Annotations:

Amendments:

F159

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 72, S.I. No. 393 of 2013.

F160

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

Editorial Notes:

E55

Previous affecting provision: subs. (3) amended (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 43, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; further amended as per F-note above.