Credit Union Act 1997

Cancellation of registration.

97

97. (1) Subject to the provisions of this section and section 98 (2) , the F216 [ Bank ] may, F216 [ by notice in writing ], cancel the registration of a credit union—

( a) if at any time it is proved to F216 [ 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 F216 [ it ] thinks fit, at the request of the credit union, to be evidenced in such manner as F216 [ it ] shall from time to time direct;

( c) on proof to F216 [ its ] satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the F216 [ Bank ] violated any of the provisions of this Act;

( d) where it appears to F216 [ it ] that the members of the credit union no longer have a common bond F217 [ (including a common bond arising by virtue of the operation of law) ].

(2) The F216 [ Bank ] shall cancel the registration of a credit union that has been—

( a) dissolved by virtue of section 128 or 129 ; or

( b) wound up under section 133 or section 134 , or dissolved under section 135 .

F218 [ (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 F216 [ 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.

Annotations:

Amendments:

F216

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.

F217

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.

F218

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.

Editorial Notes:

E72

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.