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Insertion of Sixth Schedule to Principal Act
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68.The Principal Act is amended by the insertion of the following Schedule after the Fifth Schedule:
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“SIXTH SCHEDULE
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Section 13
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Matters to be provided for in rules of corporate credit union
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1. The name of the credit union, which shall comply with section 10.
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2. The place which is to be the registered office of the credit union to which all communications and notices to the credit union may be addressed.
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3. The qualifications required for, and the terms of, admission to membership of the credit union.
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4. The mode of holding meetings and the method of notice, including provision as to the quorum necessary for the transaction of any description of business, and the mode of making, altering or rescinding rules.
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5. The appointment and removal of the board of directors and any principal Committee and of other officers and their respective powers and remuneration.
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6. Determination of the maximum amount of the interest in the shares of the credit union which may be held by any member.
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7. Provision for the mode of withdrawal of shares and payment of the balance due on shares on withdrawing from the credit union.
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8. The mode and circumstances in which loans to members and, where relevant, their members and loans to members of other credit unions on a referral basis, are to be made and repaid.
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9. Provision for the custody and use of the credit union’s seal.
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10. Provision for the audit of accounts by one or more auditors appointed by the credit union.
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11. Whether disputes between the credit union and any of its members, and, where relevant, their members, or any person claiming by or through any member or member of the credit union’s member or under the rules, shall be settled by reference to the Circuit Court or arbitration.
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12. Provision for the withdrawal of members from the credit union and for the claims of the members of the credit union in liquidation.
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13. Provision for dealing with directors who are more than 90 consecutive days in arrears under a debt obligation to the credit union up to and including the suspension or removal from the board of such directors.”.
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