Credit Union Act 1997

Investigations and calling of meetings.

92

92. (1) Where—

( a) an application is made to the F195 [ Bank ] by not less than 30 members of a credit union, each of whom has been a member of the credit union throughout the period of 12 months ending on the date of the application, or

( b) the F195 [ Bank ] is of the opinion that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union,

the F195 [ Bank ], as F195 [ it ] thinks fit, may appoint one or more inspectors to investigate the affairs of the credit union or may call a special general meeting of the credit union.

(2) The F195 [ Bank ] may, either on the same or on different occasions, both appoint an inspector and call a meeting under subsection (1).

(3) An application under subsection (1)(a) shall be supported by such evidence as the F195 [ Bank ] may require for the purpose of showing that the applicants—

( a) have good reason for requiring the investigation to be made or the meeting to be called; and

( b) are not actuated by malicious motives in their application;

and, if so required by the F195 [ Bank ], the applicants shall deposit with F195 [ it ], prior to, and as security for the costs of, the investigation or meeting, such sum as F195 [ it ] may reasonably require.

(4) If an inspector appointed under this section to investigate the affairs of a credit union (“the principal credit union”) thinks it necessary for the purpose of his investigation to investigate also the affairs of any other body (whether a credit union or not and whether corporate or unincorporated) which is or has at any relevant time been associated with the principal credit union, F195 [ it ] may do so with the approval of the F195 [ Bank ].

(5) Such notice of an application under subsection (1)(a) as the F195 [ Bank ] may require shall be given to the credit union concerned and, where applicable, to any other body whose affairs are to be investigated by virtue of subsection (4).

(6) The F195 [ Bank ] may impose such requirements as F195 [ it ] thinks fit in relation to the calling, holding and conduct of a meeting held by virtue of this section and, in relation to such a meeting—

( a) any such requirements shall have effect notwithstanding anything in the rules of the credit union;

( b) without prejudice to the generality, such requirements may include provision as to the time and place of the meeting and the matters to be discussed and determined at the meeting;

F196 [ ( c ) the Bank may appoint a person to be chair of the meeting but, if it does not do so, the members present at the meeting shall appoint the chair; and ]

( d) subject to the preceding provisions of this subsection, the meeting shall have all the powers of a meeting called according to the rules of the credit union.

(7) Before appointing an inspector or calling a meeting under this section, the F195 [ Bank ] shall, if F195 [ it ] is of the opinion that it would not be prejudicial to the interests of the members or creditors of the credit union, notify the credit union in writing of the action which F195 [ it ] proposes to take and of the grounds on which F195 [ it ] proposes to take it and, in such a case, the F195 [ Bank ] shall have regard to any explanatory statement in writing which may be given by the credit union within 14 days from the receipt of the notification.

(8) If the F195 [ Bank ] considers it just and so requires by notice in writing, all or any of the expenses of and incidental to an investigation or meeting under this section shall be met, either wholly or to such extent as F195 [ it ] may so require—

( a) out of the funds of the credit union; or

F197 [ ( b ) by the members or former members or the officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant) of the credit union or any of them; ]

but, in the case of an investigation (in whichever way instituted), the expenses may be defrayed in the first instance by the F195 [ Bank ], but without prejudice to F195 [ its ] rights to contribution under section 93 .

Annotations:

Amendments:

F195

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

F196

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 87, S.I. No. 393 of 2013.

F197

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 88, S.I. No. 393 of 2013.

Editorial Notes:

E68

Previous affecting provision: subs. (6)(c) 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 58, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.