Credit Union Act, 1997

Supplementary provisions as to Registrar's functions.

50.—(1) In the exercise of his powers under sections 48 and 49 and this section, the Registrar may at any time consult the Advisory Committee and such other bodies as appear to him to be expert or knowledgeable in matters relating to credit unions.

(2) Without prejudice to the generality of subsection (1), the Registrar may commission an independent assessment of the capacity of a credit union to provide any or each description of the additional services in respect of which it has made an approval application; and, if the Registrar so directs, the credit union shall defray the costs of such an assessment.

(3) If it appears to him appropriate to do so, the Registrar may at any time by notice—

(a) withdraw an approval granted under section 49 ;

(b) revoke or vary any conditions imposed on such an approval; or

(c) impose new conditions on such an approval;

but any such action by the Registrar shall not require the disposal of any property or right already acquired.

(4) In this section “approval application” has the same meaning as in section 49 .