Credit Union Act 1997

F167 [ General meetings (other than during interim period).

78B

78B. (1) This section shall not apply to the holding of general meetings during the interim period to which section 78A applies.

(2) A credit union need not hold a general meeting at a physical venue but may conduct the meeting wholly or partly by the use of electronic communications technology as long as all attendees have a reasonable opportunity to participate in the meeting in accordance with this section.

(3) ( a ) A credit union may provide for participation in a general meeting by providing or facilitating, for that purpose, the use of electronic communications technology, including a mechanism for casting votes by a member, whether before or during the meeting.

( b ) The mechanism referred to in paragraph (a) shall not require the member to be physically present at the general meeting or require the member to appoint a proxy who is to be physically present at the meeting.

(4) The use of electronic communications technology pursuant to subsection (3) may be made subject only to such requirements or restrictions put in place by the credit union as are necessary to ensure the identification of attendees and the security of the electronic communications technology, to the extent that such requirements or restrictions are proportionate to the achievement of those objectives.

(5) A credit union shall inform attendees, before the general meeting concerned, of any requirements or restrictions which it has put in place pursuant to subsection (4) .

(6) A credit union that provides for the use of electronic communications technology for participation in a general meeting by an attendee shall endeavour to ensure, as far as practicable, that—

( a ) such technology—

(i) provides for the security of any electronic communications by the attendee,

(ii) minimises the risk of data corruption and unauthorised access, and

(iii) provides certainty as to the source of the electronic communications,

( b ) in the case of any failure or disruption of such technology, that failure or disruption is remedied as soon as practicable, and

( c ) such technology enables the attendee to—

(i) hear what is said by the chair of the meeting and any person introduced by the chair, and

(ii) speak and submit questions and comments during the meeting to the chair to the extent that the attendee is entitled to do so under the rules of the credit union.

(7) Any temporary failure or disruption of electronic communications technology shall not invalidate the general meeting or any proceedings relating to the meeting.

(8) Unless such failure or disruption is attributable to any wilful act of the credit union, a credit union shall not be liable in respect of any failure or disruption relating to the equipment used by an attendee to access a general meeting by electronic communications technology that occurs and which failure or disruption prevents or interferes with the attendee’s participation, by the use of such technology, in the meeting.

(9) Where, in the opinion of the board of directors, it is deemed necessary, due to exceptional and unexpected circumstances, the board of directors may, by resolution, cancel a general meeting at any time prior to the holding of the meeting. ]

Annotations:

Amendments:

F167

Inserted (16.12.2020) by Finance (Miscellaneous Provisions) Act 2020 (25/2020), s. 6, commenced on enactment.