Credit Union Act 1997

Provisions supplementary to investigations under section 92 .


93. (1) The provisions of this section have effect in relation to an investigation under section 92 of the affairs of a credit union or of any such other body as is referred to in subsection (4) of that section; and in the following provisions of this section—

( a) any reference to the inspector, the credit union or the other body shall be construed accordingly; and

F198 [ ( b ) agent has the same meaning as in section 21 of the Central Bank (Supervision and Enforcement) Act 2013. ]

(2) It shall be the duty—

( a) of all the persons who are or have been officers, members F199 [ ] and agents of the credit union or other body, and

( b) of any other person who the inspector considers is or may be in possession of any information concerning the affairs of the credit union or other body,

to produce to the inspector all accounts, deeds, books, documents or other records (in whatever form) of or relating to the credit union or other body which are in their possession or power, to attend before the inspector and otherwise to give him all assistance in connection with the investigation which they are reasonably able to give.

(3) The inspector may examine on oath the persons referred to in subsection (2)(a) in relation to the affairs of the credit union or other body and may administer an oath accordingly.

(4) If any such person as is mentioned in paragraph (a) or paragraph (b) of subsection (2) fails without reasonable excuse—

( a) to produce to the inspector any book or document which it is his duty to produce, or

( b) to attend before the inspector when required to do so, or

( c) to answer any question put to him by the inspector with respect to the affairs of the credit union or other body,

that person shall be guilty of an offence.

(5) Subject to subsection (6), if the inspector makes an application to the Court on the ground that he thinks it necessary for the purpose of his investigation that a person referred to in subsection (2)(b) should be examined on oath, the Court may order that person to attend and be examined on oath before it on any matter relevant to the investigation; and where the Court orders such an examination—

( a) the inspector may take part in the examination by solicitor or counsel;

( b) the Court may put such questions to the person examined as it thinks fit;

( c) the person examined shall answer all such questions as the Court may put or allow to be put to him, but may at his own cost employ a solicitor (with or without counsel) who shall be at liberty to put to him such questions as the Court may think fit for the purpose of enabling him to explain or qualify any answers given by him; and

( d) notes of the examination shall be taken down in writing and shall be read over to or by, and signed by, the person examined and may thereafter be used in evidence.

(6) Notwithstanding anything in subsection (5)(c), the Court may allow the person examined such costs as, in its discretion, it may think fit, and any costs so allowed shall be paid as part of the expenses of the investigation.

(7) Nothing in this section—

( a) shall compel the production by a barrister or solicitor of any document or other material containing a privileged communication made by him or to him in that capacity or the furnishing of information contained in a privileged communication so made; or

( b) shall require the disclosure by a credit institution of any information as to the affairs of any of its customers other than the credit union or the other body.

(8) Where the expenses of the investigation are defrayed in the first instance by the F200 [ Bank ] in accordance with section 92 (8) , the F200 [ Bank ] shall be entitled to be repaid those expenses as follows—

( a) where the investigation results from an application under section 92 (1)(a) , by the applicants, to such extent (if any) as the F200 [ Bank ] may direct;

( b) in any case, by the credit union or the other body, to such extent (if any) as the F200 [ Bank ] may direct; and

( c) in any case, by a person convicted of an offence in proceedings instituted as a result of the investigation, to such extent (if any) as the court by which he was convicted may order;

and a person liable under any one of paragraphs (a) to (c) is entitled to contribution from any other person liable under the same paragraph according to the amount of their respective liabilities under it.