Credit Union Act, 1997

Charges on assets of a credit union.

34.—(1) An instrument which is executed by a credit union and which creates or is evidence of a charge on any assets of the credit union shall not be a bill of sale for the purposes of the Bills of Sale (Ireland) Acts, 1879 and 1883 or be invalidated by those Acts if the charge is recorded in accordance with subsection (2).

(2) An application for the recording of a charge under subsection (1) shall be made by delivering by post or otherwise to the Registrar, within the period of 21 days beginning with the date of execution of the instrument which creates or is evidence of the charge, or within any extended period allowed under subsection (5)

(a) a copy of the instrument authenticated in such manner as may be specified by the Registrar and such additional particulars relating to the charge and authenticated as may be so specified; and

(b) such fee as may be prescribed.

(3) The Registrar shall ensure—

(a) that an acknowledgement of every application made for the purposes of this section is issued to the person by whom the application was made; and

(b) that the copy of the instrument included in such an application, a note of any particulars specified by the Registrar and so included and a copy of the acknowledgement of the application issued in pursuance of paragraph (a) are placed in the public file of the credit union;

and an acknowledgement issued under this subsection shall, unless the contrary is proved, be sufficient evidence that any document specified in the acknowledgement was delivered to the Registrar on the date so specified.

(4) Regulations may provide for the giving of notice to the Registrar of any release, discharge or other transaction relating to any charge in respect of which an application has been made for the purposes of this section and for the placing of any such notice on the public file of the credit union concerned.

(5) If, in the case of such an instrument as is mentioned in subsection (1), it appears to the Court, on the application of the credit union which executed the instrument or of any other person claiming the benefit of the instrument, that by reason of inadvertence or other sufficient cause—

(a) an application for the recording of the charge to which the instrument relates was not made within the period of 21 days mentioned in subsection (2); or

(b) any matters were omitted from or were mis-stated in such an application,

the Court may, on such terms as it thinks fit, order that the period for making such an application shall be extended or, as the case may be, that the omission or misstatement shall be rectified.