F170[79.— (1) The board of directors or the board oversight committee of a credit union may, whenever they think fit, convene a special general meeting of the credit union.]

(2) F171[…]

(3) If, by notice in writing addressed to the secretary of a credit union at its registered office, a qualifying group of members of the credit union so request, the board of directors shall convene a special general meeting of the credit union; and if, within one month from the date of the receipt of the notice at the credit union’s registered office, the board of directors have not convened a special general meeting to be held within six weeks of that date, any ten members of the credit union, acting on behalf of the qualifying group who made the request, may convene a special general meeting.

(4) For the purposes of a request under subsection (3), a group of members of a credit union is a qualifying group if—

(a) each of them has been a member throughout the period of 12 months ending on the date of the request; and

(b) they together number at least 50 or, if it is less, at least 10 per cent. of the membership of the credit union at that date.

(5) Where, in the opinion of the F172[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 F172[Bank] may direct that no special general meeting of the credit union shall be held for a period not exceeding nine months from the date of the direction.

(6) Section 3 (3) shall not apply to directions under subsection (5).