Credit Union Act, 1966


35.—(1) The Minister, after consultation with the Credit Union Advisory Committee, may make regulations—

(a) prescribing forms and procedures for use by a credit union in the conduct of its business,

(b) requiring a credit union to take out insurance of a specified type in relation to the loans, deposits or shares of the members,

(c) requiring in respect of officers dealing with funds or property of a credit union, the taking out of a surety bond of such type as may be specified in the regulations,

(d) prescribing the maximum amount of secured and unsecured loans which a credit union may make to borrowers,

(e) prescribing the security or types of security which a credit union shall require in respect of a secured loan to a member,

(f) prescribing the form and content of accounts and balance sheets required to be made out by a credit union under this Act,

(g) prescribing the investments (including investments other than those permitted by section 38 of the Principal Act) in which a credit union may invest its funds,

(h) requiring a credit union to adopt rules in a form prescribed or as near thereto as circumstances permit,

(i) altering from time to time the financial (including percentage) limits or time limits prescribed by paragraphs (ii) and (iii) of subsection (3) of section 4, subsection (4) of section 7, subsections (4) and (6) of section 8, subsections (2) and (3) of section 9, subsection (1) of section 10, paragraphs (b) and (c) of subsection (5) and subsection (7) of section 11, subsections (2) and (3) of section 12, subsections (1) and (3) of section 14, subsections (2) and (4) of section 17, subsections (1) and (5) and paragraph (b) of subsection (7) of section 18, subsections (1) and (2) of section 19, subsection (2) of section 21, subsection (1) of section 22, subsections (1) and (4) of section 23, subsections (5) and (6) of section 24, and Part I of the Schedule to this Act,

(j) making such adaptations of the law as he thinks fit for the purpose of facilitating the registration of a credit union the membership of which consists solely of other credit unions,

(k) prohibiting such forms and methods of advertising by credit unions or by particular categories of credit unions as are, in the opinion of not less than six members of the Credit Union Advisory Committee, contrary to the aims of the credit union movement,

(l) prescribing the procedure to be adopted in the auditing of the accounts of credit unions and the qualifications necessary for such auditing, notwithstanding any other provision of the law.

(2) Regulations under subsection (1) of this section may relate to all or any one or more of the matters referred to in that subsection.

(3) Where a regulation is proposed to be made under paragraphs (b), (g), (i) (except in so far as it relates to time limits), (j), (k) or (l) of subsection (1) of this section, a draft thereof shall be laid before each House of the Oireachtas and the regulation shall not be made until a resolution approving of the draft has been passed by each such House.

(4) Every regulation made by the Minister under this Act (other than a regulation to which subsection (3) of this section applies) shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the regulation is passed by either such House within the next subsequent twenty-one days on which that House has sat after the regulation is laid before it, the regulation shall be annulled accordingly but without prejudice to anything previously done thereunder.