Credit Union Act 1997
Cancellation of registration.
97.— (1) Subject to the provisions of this section and section 98 (2) , the F231 [ Bank ] may, F231 [ by notice in writing ], cancel the registration of a credit union—
( a) if at any time it is proved to F231 [ its ] satisfaction—
(i) that the number of the members of the credit union has been reduced to less than 15; or
(ii) that an acknowledgement of registration has been obtained by fraud or mistake; or
(iii) that the credit union has not commenced business within 12 months of the date on which it was registered; or
(iv) that the credit union has suspended its business for a period of not less than six months or has ceased to function;
( b) if F231 [ it ] thinks fit, at the request of the credit union, to be evidenced in such manner as F231 [ it ] shall from time to time direct;
( c) on proof to F231 [ its ] satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the F231 [ Bank ] violated any of the provisions of this Act;
( d) where it appears to F231 [ it ] that the members of the credit union no longer have a common bond F232 [ (including a common bond arising by virtue of the operation of law) ].
(2) The F231 [ Bank ] shall cancel the registration of a credit union that has been—
F233 [ (3) The Bank shall not cancel the registration of a credit union otherwise than —
( a ) at its own request, or
( b ) under subsection (2) ,
unless it has given the credit union at least 2 months ’ notice in writing specifying the ground on which it is proposed to cancel that registration. ]
(4) Notice of every cancellation under this section of a credit union's registration shall, as soon as practicable after it takes place, be published in Iris Oifigiúil and in any other manner which the F231 [ Bank ] considers necessary for bringing the cancellation to the notice of the persons affected by it.
(5) From the date of publication in Iris Oifigiúil under subsection (4) of a notice of the cancellation of a credit union’s registration, the credit union shall cease to be entitled to any of the privileges of this Act as a credit union.
(6) Subsection (5) is without prejudice to any liability incurred by a credit union before the cancellation of its registration; and any such liability may be enforced against it as if the cancellation had not taken place.
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 63, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26.
Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(3) and sch. 2 pt. 3 item 2, S.I. No. 548 of 2011.
Substituted (1.08.2004) by Central Bank and Financial Services Authority of Ireland Act 2004 (21/2004), s. 10(2) and sch. 1 pt. 7 item 6, S.I. No. 455 of 2004.
Previous affecting provision: subs. (3) 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 63, S.I. No. 160 of 2003, subject to transitional provisions in s. 36 and sch. 3 para. 26; substituted as per F-note above.