88.— F281[(1) When the Bank gives any regulatory directions to a credit union,—

(a) it shall serve the directions at the registered office of the credit union or cause the directions to be so served, and

(b) the secretary of the credit union concerned shall, as soon as practicable, notify every member of the board of directors and every member of the board oversight committee of that credit union of the giving of those directions,

but a failure to notify in accordance with paragraph (b) shall not affect the validity of the directions.]

(2) The F282[Bank] may, if F282[it] thinks fit, cause to be published in Iris Oifigiúil, or in any other manner which appears to F282[it] to be necessary for informing the public, notice of the giving of any regulatory directions and of their amendment or revocation.

(3) The Fourth Schedule shall have effect with respect to regulatory directions.

(4) While any regulatory directions are in force with respect to a credit union, then, except with the leave of the Court—

(a) no winding up proceedings may be commenced in relation to the credit union except in accordance with the Fourth Schedule and no resolution may be passed for winding it up;

(b) no receiver may be appointed over the whole or any part of the property of the credit union; and

(c) none of the property of the credit union may be attached, sequestered or distrained upon.

(5) Where the Court is satisfied that it is desirable, because of the nature or circumstances of the case or otherwise in the interest of justice, the whole or any part of any proceedings under this section or the Fourth Schedule may be heard otherwise than in public.

(6) A credit union which fails to comply with any regulatory directions given to it shall be guilty of an offence and liable—

F283[ (a) on summary conviction, to a class C fine; and]

(b) on conviction on indictment, to a fine not exceeding £25,000.