Credit Union Act, 1997

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Number 15 of 1997

CREDIT UNION ACT, 1997

ARRANGEMENT OF SECTIONS

PART I

Preliminary and General

Section
1.	Short title and commencement.
2.	Interpretation.
3.	Orders and regulations.
4.	Expenses.
5.	Repeals and transition from the former law.

PART II

Registration and Membership

Registration

6.	Conditions for registration as a credit union.
7.	Application for registration as a credit union.
8.	Acknowledgement or refusal of registration.
9.	Effect of registration.
10.	Registered name.
11.	Change of registered name.
12.	Protection of use of seal and registered name of credit union.

Rules

13.	Rules.
14.	Amendment of registered rules.
15.	Rules to bind members.
16.	Provision of copies of rules.

Membership

17.	Requirements of, and qualifications for, membership.
18.	Appeal against refusal of membership.
19.	Expulsion and withdrawal from credit union.
20.	Remedy for debts from members.
21.	Nomination of property in credit union.
22.	Proceedings on death of nominator.
23.	Provision for small payments on death.
24.	Payments in respect of mentally incapable persons.
25.	Validity of payments to persons apparently entitled.

PART III

Operation of Credit Unions

Business and raising of funds

26.	General principles.
27.	Raising of funds by shares and deposits.

Shares and deposits

28.	Shares: general provisions.
29.	Transfer of shares.
30.	Dividends on shares.
31.	Interest on deposits.
32.	Restrictions on withdrawal of shares and deposits.

Borrowing

33.	Power to borrow.
34.	Charges on assets of a credit union.

Loans

35.	Making of loans.
36.	Approval of loans.
37.	Appeal against non-approval of loan.
38.	Interest on loans.

Other transactions

39.	Promissory notes and bills of exchange.
40.	Contracts.
41.	Acquisition, holding and disposal of land.
42.	Receipt for repayment of secured debt.

Investments etc.

43.	Investments.
44.	Special fund for social, cultural etc. purposes.
45.	Statutory reserve.
46.	Savings protection scheme.
47.	Insurance against fraud of officers etc.

Provision of additional services to members

48.	Power to provide additional services.
49.	The Registrar's approval of provision of additional services.
50.	Supplementary provisions as to Registrar's functions.
51.	Requirements applicable to credit unions providing additional services.
52.	Review of Registrar's decisions by Court.

PART IV

Management of Credit Unions

Directors

53.	Board of directors.
54.	Directors: procedural provisions.
55.	Functions of board of directors.
56.	Removal of director from office.
57.	Directors: supplemental provisions.

Supervisory Committee

58.	Supervisory Committee.
59.	Supervisory Committee: procedural provisions.
60.	Functions of Supervisory Committee.
61.	Supervisory Committee: removal from office.
62.	Supervisory Committee: supplemental provisions.

Officers

63.	Officers: principal posts.
64.	Functions of treasurer.
65.	Credit officer and credit control officer.
66.	Officers: suspension and removal by Supervisory Committee.

General provisions

PART V

Meetings, Resolutions etc.

77.	The organisation meeting.
78.	The annual general meeting.
79.	Special general meetings.
80.	Notice of general meetings.
81.	General meetings: adjournment, quorum and minutes.
82.	Supplementing provisions as to general meetings.
83.	Special resolutions.

PART VI

Control and Supervision of Credit Unions by the Registrar

General

84.	Functions of the Registrar.
85.	Assets and liabilities ratios and structures.
86.	Control of advertising.

Regulatory directions and prohibition orders

87.	Power of Registrar to give regulatory directions.
88.	Procedural provisions relating to regulatory directions.
89.	Power of Court to prohibit continuance of certain contraventions.

Inspections and information

90.	Inspection of books and documents of credit union.
91.	Notice to furnish books, information etc.
92.	Investigations and calling of meetings.
93.	Provisions supplementary to investigations under section 92.
94.	Inspector's report and proceedings thereon.

Supervisory powers

95.	Registrar's power to appoint person as director of a credit union.
96.	Removal or suspension of directors and members of Supervisory Committee.
97.	Cancellation of registration.
98.	Suspension of registration.
99.	Appeals against cancellation or suspension.

Administrative Provisions

100.	Public file of a credit union.
101.	Fees.
102.	Classification of information.
103.	Delivery to the Registrar of documents in legible form.
104.	Delivery to the Registrar of documents otherwise than in legible form.
105.	Exercise of Registrar's functions.
106.	Annual report by Registrar.

PART VII

Accounts and Audit

107.	Financial year of a credit union.
108.	Accounting records etc.
109.	Systems of control and safe custody.
110.	Accounting principles.
111.	Annual accounts.
112.	Balance sheet to be available to members.
113.	Obligation to appoint auditors.
114.	Qualification for appointment as auditor.
115.	Eligibility of auditor for re-election.
116.	Removal of auditor by Registrar.
117.	Resolutions relating to appointment and removal of auditors.
118.	Resignation of auditors.
119.	Requisitioning of general meeting and circulation of statement by resigning auditor.
120.	Auditor's report, right of access and to be heard.
121.	Power of Minister to make further provision about accounts and audit.
122.	Auditor's duty to report to Registrar.
123.	Penalty for false statements etc. to auditors.
124.	Annual returns.

PART VIII

Disputes and Complaints

125.	Settlement of disputes.
126.	Arbitration and procedural matters.
127.	Investigation of complaints.

PART IX

Amalgamations and Transfers of Engagements

128.	Amalgamation of credit unions.
129.	Transfer of engagements between credit unions.

130.	Statement for members relating to proposed amalgamation or transfer of engagements.
131.	Confirmation of amalgamation or transfer.
132.	Distribution to members.

PART X

Winding up

133.	Petition of Registrar to wind up.
134.	Winding up under the Companies Acts.
135.	Winding up by instrument of dissolution.
136.	Restriction on dissolution or cancellation of registration.

PART XI

Appointment of Credit Union Administrator

137.	Administration orders.
138.	Provisional administrators.
139.	Effect of administration.
140.	Termination of administration.
141.	Procedural matters.

PART XII

Appointment of Examiner

142.	Power of the Court to appoint examiner.
143.	Petition for protection of the Court.
144.	Powers of the Circuit Court.
145.	The independent accountant's report.
146.	Interim protection pending report.
147.	Effect of petition to appoint examiner on creditors and others.
148.	Effect on receiver or provisional liquidator of order appointing examiner.
149.	Powers of an examiner.
150.	Production of documents and evidence.
151.	Further powers of the Court.
152.	Incurring of certain liabilities by examiner.
153.	Power to deal with charged property etc.
154.	Notification of appointment of examiner.
155.	General provisions as to examiners.
156.	Hearing relating to missing property etc.
157.	Duties of examiner.
158.	Contents of examiner's report under section 157.
159.	Repudiation of certain contracts.
160.	Appointment of creditors' committee.
161.	Proposals for compromise or scheme of arrangement.
162.	Consideration by members and creditors of proposals.
163.	Consideration of proposals by the Court.
164.	Confirmation or otherwise of proposals by the Court.
165.	Ending of protection.
166.	Revocation of confirmation on grounds of fraud.
167.	Disqualification to act as examiner.
168.	Remuneration, costs and expenses of examiners.
169.	Publicity.
170.	Hearing of proceedings otherwise than in public.

PART XIII

Offences and Civil Proceedings

171.	Offences: general provisions.
172.	Offences by officers etc.
173.	Fraud or misappropriation.
174.	Falsification of documents and other records.
175.	Furnishing false information etc.
176.	Recovery of costs and expenses.
177.	Liability of officer etc.
178.	Power of court to grant relief to officer etc.
179.	Judgments against a credit union.

PART XIV

Miscellaneous and General

FIRST SCHEDULE

Matters to be Provided for in Rules of Credit Union

SECOND SCHEDULE

Form of Receipt

THIRD SCHEDULE

Credit Committee, Credit Control Committee and Membership Committee

FOURTH SCHEDULE

Supplementary Provisions in Relation to Regulatory Directions

FIFTH SCHEDULE

Supplementary Provisions as to Removal or Suspension by the Registrar of Directors and Members of Supervisory Committee

Acts Referred to
Arbitration Acts, 1954 and 1980
Bills of Sale (Ireland) Acts, 1879 and 1883
Building Societies Act, 1989	1989, No. 17
Central Bank Act, 1971	1971, No. 24
Central Bank Acts, 1942 to 1997
Companies Act, 1963	1963, No. 33
Companies Act, 1990	1990, No. 33
Companies Acts, 1963 to 1990
Consumer Credit Act, 1995	1995, No. 24
Credit Union Act, 1966	1966, No. 19
Friendly Societies Acts, 1896 to 1977
Industrial and Provident Societies (Amendment) Act, 1978	1978, No. 23
Industrial and Provident Societies Acts, 1893 to 1978
Petty Sessions (Ireland) Act, 1851	14 & 15 Vict. c.93
Powers of Attorney Act, 1996	1996, No. 12
Statute of Limitations, 1957	1957, No. 6
Statutory Instruments Act, 1947	1947, No. 44