Credit Union Act 1997

Registrar’s power to appoint person as director of a credit union.

95

95. (1) Where the F218 [ Bank ] is of the opinion F219 [ , after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013, ] or after an investigation under section 92 , that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union, F218 [ it ] may appoint a person to be a member of the board of directors of the credit union; but a person so appointed shall not be entitled to vote at any meeting of the board and shall be left out of account for the purposes of any provision of this Act relating to the minimum or maximum number of directors of a credit union.

(2) Without prejudice to the generality of subsection (1), before exercising a power conferred on F218 [ it ] by this section, the F218 [ Bank ] shall have regard to any financial transactions which have been undertaken, or are in the course of being undertaken, by the credit union and which, in the F218 [ Bank ]’s opinion, are likely to be prejudicial to the interest of the orderly and proper regulation of the business of the credit union.

(3) A person appointed under this section shall hold office for such period and on such terms as the F218 [ Bank ] may specify and, on the expiry of such a period, the F218 [ Bank ] may renew the appointment for such period or periods as F218 [ it ] may specify.

F220 [ (4) Notwithstanding anything in section 68 , all expenses of and incidental to the appointment of a person under this section shall be defrayed out of the funds of the credit union, or 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 in such proportions as the Bank shall direct. ]

(5) An officer, member F221 [ ] or agent of a credit union shall at all times give all information required by a person appointed under this section for the full and satisfactory performance of his duties; and for this purpose section 91 shall apply as if any reference therein to the F218 [ Bank ] included a reference to a person appointed under this section.

(6) A person appointed under this section shall report to the F218 [ Bank ], in such manner and with such frequency as the F218 [ Bank ] may direct, on the affairs of the credit union.

(7) No claims shall lie against the F218 [ Bank ], the Minister or the State in respect of any act or omission on the part of a person appointed under this section to be a member of the board of directors of a credit union.

Annotations

Amendments:

F218

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

F219

Substituted (1.08.2013) by Central Bank (Supervision and Enforcement) Act 2013 (26/2013), s. 5(2) and sch. 3 pt. 2 item 4, S.I. No. 287 of 2013.

F220

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 91, S.I. No. 393 of 2013.

F221

Deleted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 92, S.I. No. 393 of 2013.

Editorial Notes:

E73

Previous affecting provision: subs. (4) 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 61, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.