Credit Union and Co-operation with Overseas Regulators Act 2012


Removal of auditor of credit union by Bank.

32.— The Principal Act is amended by substituting the following for section 116:

“116.— (1) Where the Bank considers it necessary in the interest—

( a) of the members or creditors of a credit union, or

( b) of the orderly and proper regulation of the business of a credit union,

the Bank may remove from office the auditor of the credit union.

(2) Any auditor who has been removed from office under subsection (1) may apply to the Court for an order setting aside the removal.

(3) On an application under subsection (2), the Court may make—

( a) an order setting aside the removal,

( b) an order confirming the removal, or

( c) such other order as may appear to the Court to be necessary.

(4) The Bank may apply to the Court for, and the Court may grant, an order confirming the removal.

(5) The Court may by order revoke or vary an order made by it under this section.

(6) If, in a case where an application has been made to the Court under this section, the Court is satisfied, because of the nature or circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of any proceedings under that provision may be heard otherwise than in public.

(7) Unless an order has been made by the Court in respect of a removal, the Bank may at any time revoke the removal.”.