97.—(1) Subject to the provisions of this section and section 98 (2), the F316[Bank] may, F316[by notice in writing], cancel the registration of a credit union—

(a) if at any time it is proved to F316[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 F316[it] thinks fit, at the request of the credit union, to be evidenced in such manner as F316[it] shall from time to time direct;

(c) on proof to F316[its] satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the F316[Bank] violated any of the provisions of this Act;

(d) where it appears to F316[it] that the members of the credit union no longer have a common bond F317[(including a common bond arising by virtue of the operation of law)].

(2) The F316[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.

F318[(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 F316[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.