Credit Union Act 1997

General meetings: adjournment, quorum and minutes.

81

81. (1) A general meeting of a credit union may, for good and sufficient reasons and with the consent of the majority of the members present and voting, be adjourned for not more than 90 days or such longer period as the F165 [ Bank ] may require but—

( a) no business shall be transacted at an adjourned general meeting other than business left unfinished at the meeting from which the adjournment took place; and

( b) when a general meeting is adjourned for 30 or more days, the secretary of the credit union shall give notice of the adjourned meeting to the auditor and to every member who, under section 80 (1) , was entitled to notice of the meeting which was adjourned.

(2) Subject to subsection (3), in section 80

( a) paragraphs (a), (b) and (d) of subsection (2) shall apply to a notice under subsection (1)(b) of this section as they apply to a notice under subsection (1) of that section; and

( b) subsections (6) and (7) shall apply in relation to an adjourned meeting as they apply in relation to a general meeting.

(3) In the application of section 80 (2)(d) in accordance with subsection (2), for the words “ within the relevant period” there shall be substituted “not later than seven days before the date of the adjourned meeting”.

(4) Subject to subsection (5), the quorum for a general meeting of a credit union shall be ten per cent. of the members or 30 members, whichever is the less.

(5) Notwithstanding subsection (4), in no case shall the quorum for a general meeting of a credit union be less than ten members, but, if the rules so provide, the quorum for an adjourned general meeting may be less than that specified in that subsection.

(6) It shall be the duty of the secretary to keep minutes of all general meetings of a credit union.