Credit Union Act, 1997
|
Qualification for appointment as auditor. |
114.—(1) A person shall not be qualified for election as auditor of a credit union unless— | |
(a) he is a member of a body of accountants for the time being recognised by the Minister for the purposes of section 187 of the Companies Act, 1990 , and holds a valid practising certificate; or | ||
(b) he is otherwise for the time being authorised by the Minister under any provision of the Companies Acts to be appointed as a public auditor. | ||
(2) None of the following persons shall be qualified for election as auditor of a credit union— | ||
(a) a person who is or, at any time during the period of three years preceding the meeting at which the election is to be made, has been an officer or voluntary assistant of the credit union; | ||
(b) a parent, spouse, brother, sister or child of an officer or voluntary assistant of the credit union; or | ||
(c) a person who is a partner of, or in the employment of, or who employs, an officer or voluntary assistant of the credit union. | ||
(3) Any election made by a credit union in contravention of subsection (1) or subsection (2) shall not be an effective election for the purposes of this Act. | ||
(4) A person shall not act as auditor of a credit union at a time when he is disqualified under this Act or the Companies Acts for election or appointment to that office and, if an auditor of a credit union becomes so disqualified during his term of office, he shall— | ||
(a) thereupon vacate his office; and | ||
(b) give immediate notice in writing to the credit union and to the Registrar that he has vacated his office by reason of the disqualification. | ||
(5) A person who contravenes subsection (4) shall be guilty of an offence. |