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S.I. No. 201/1973 - Credit Union Regulations, 1973.

S.I. No. 201 of 1973.

CREDIT UNION REGULATIONS, 1973.

I, JUSTIN KEATING, Minister for Industry and Commerce, in exercise of the powers conferred on me by section 35 of the Credit Union Act, 1966 (No. 19 of 1966), and after consultation with the Credit Union Advisory Committee, hereby make the following regulations:

1. These Regulations may be cited as the Credit Union Regulations, 1973, and shall come into operation on the 21st day of August, 1973.

2. The Credit Union Act, 1966 (No. 19 of 1966), is hereby amended by—

(a) the substitution in section 7 (4) for "the 31st day of December " of " the 30th day of September ";

(b) the substitution in section 12 (3) for " ten days " of " twenty-one days";

(c) the substitution in section 17 (4) for " fourteen days " of " twenty-one days ";

(d) the substitution in section 19 (1) for " January or February " of " October, November, December or January of the following year ";

(e) the insertion in section 19 (2) after " seven days " of " and not earlier than twenty-one days";

(f) the deletion in section 22 (1) of " outstanding at the end of the preceding financial year "; and

(g) the substitution in section 22 (1) for " shares which have been allotted during that financial year " of " shares which have been held during a portion of that financial year ".

3. (1) The accounts and balance sheets required to be made out by a credit union under section 7 (5) of the Credit Union Act, 1966 , shall show the following information, that is to say—

(a) the number and amount of loans overdue for payment including the net unpaid principal balances after deduction of shares and deposits applicable,

(b) the limits on secured and unsecured loans, and

(c) the amount invested by the credit union and the security or securities in which it is invested.

(2) The information required under paragraph (1) of this Regulation to be shown in the accounts and balance sheets of a credit union shall be shown in the form specified in the Schedule to these Regulations.

SCHEDULE.

1. Loans to members.

Delinquent accounts (i.e. loans overdue for payment) showing net unpaid principal balances after deduction of shares and deposits applicable.

Loans as at 30th September

Number of Loans

Net Unpaid Balances

£

Delinquent:

(a) 2 months and under 6 months

(b) 6 months and under 12 months

(c) 12 months and over

2. Loan Limits as at 30th September.

(a) Limit on Secured Loans

(b) Limit on Unsecured Loans

3. Information on Investments as at 30th September.

Where Invested

Amount Invested

£

(a)

(b)

(c)

(d)

Total Invested

Date: ............................................................ ............................................................ .........

Signature of Auditor: ............................................................ ............................................................ .

Signature of Chairman of Supervisory Committee............................................................ .....................

GIVEN under my Official Seal, this 17th day of July, 1973.

JUSTIN KEATING.

Minister for Industry and

Commerce.

EXPLANATORY NOTE.

The Regulations amend a number of time limits prescribed in the Credit Union Act, 1966 , and provide for the inclusion of additional information on loans and investments in the accounts and balance sheets required to be made out by a credit union.