Credit Union Act 1997

Suspension of registration.

98

98. (1) In any case where, under section 97 (1) , the F234 [ Bank ] might cancel the registration of a credit union, F234 [ it ] may, F234 [ by notice in writing ]

( a) subject to subsection (3), suspend the registration of the credit union for a term not exceeding three months; and

( b) subject to section 99 (2) , renew any such suspension for a similar term.

(2) If, before the expiry of the period of a notice under section 97 (3) of the proposed cancellation of a credit union’s registration, the credit union duly lodges an appeal from the proposed cancellation under section 99 (1) , the F234 [ Bank ] may F234 [ by notice in writing ] suspend the credit union’s registration from the expiry of that period until the date of the determination or abandonment of the appeal.

(3) Before the registration of a credit union is suspended under subsection (1)(a), the F234 [ Bank ] shall give the credit union not less than two months’ previous notice in writing specifying the ground of the proposed suspension.

(4) Notice of every suspension of a credit union’s registration under subsection (1)(a) or subsection (2) and of any renewal of a suspension under subsection (1)(b) shall, as soon as practicable after it takes place, be published in Iris Oifigiúil and in any other manner which the F234 [ Bank ] considers necessary for bringing the suspension to the notice of persons affected by it.

(5) From the date of publication in Iris Oifigiúil under subsection (4) of a notice of the suspension of a credit union’s registration under subsection (1) (a) or subsection (2) until the period of the suspension and any renewal of it under subsection (1)(b) ends (whether on the expiry of that period or by virtue of an appeal under section 99 ), the credit union shall not be entitled to any of the privileges of this Act as a credit union.

(6) Notwithstanding subsection (5), the suspension of the registration of a credit union shall not affect—

( a) any liability incurred by the credit union before the suspension; or

( b) the right of the credit union to continue to collect repayments due on loans which were outstanding at the time of the suspension.

Annotations

Amendments:

F234

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