Credit Union Act, 1997

Persons disqualified from acting.

72.—(1) A person who has been adjudicated bankrupt and whose bankruptcy still subsists or who has been convicted of an offence in relation to a credit union or an offence involving fraud or dishonesty shall not—

(a) sign an application form for the registration of a society as a credit union;

(b) be qualified to be appointed or to act as a director, member of the Supervisory Committee, member of a principal Committee, voluntary assistant, auditor, receiver or liquidator of a credit union; or

(c) directly or indirectly take part in or be concerned in the management or operation of a credit union; or

(d) permit his name to be put forward for election or appointment to any of the positions referred to in paragraph (b).

(2) If a person who is a member of the board of directors or of the Supervisory Committee or of a principal Committee of a credit union is adjudicated bankrupt or convicted of such an offence as is referred to in subsection (1), he shall forthwith cease to hold his office and the vacancy thereby created shall be deemed to be a casual vacancy and be filled accordingly.

(3) A decision of the board of directors of a credit union shall not be affected by the presence at a meeting of the board of a person who, by virtue of this section, is disqualified from being a director; but any vote which such a person purports to cast shall be disregarded.

(4) Any person who, in relation to a credit union, purports to act in a manner or capacity which, by virtue of his being disqualified under this section, he is prohibited from doing shall be guilty of an offence.