Credit Union Act, 1997

Special resolutions.

83.—(1) If, at any general meeting of which notice has been given specifying the intention to propose or confirm a special resolution, the chairman declares that the resolution has been passed or, as the case may be, confirmed as required by paragraph (a) or (b) of the definition of “special resolution” in section 2 (1), that declaration shall, without more, be evidence of that fact until the contrary is proved.

(2) A copy of every special resolution for any of the purposes mentioned in this Act—

(a) shall be signed by the chairman of the meeting at which the resolution was confirmed;

(b) shall be countersigned by the secretary of the credit union; and

(c) within 21 days of the date of the meeting at which the resolution was confirmed, shall be sent to the Registrar to be registered by him;

and the special resolution shall not take effect until that copy is so registered.

(3) If a copy of a special resolution, duly signed and countersigned in accordance with paragraphs (a) and (b) of subsection (2) is not sent to the Registrar as required by paragraph (c) of that subsection, the credit union shall be guilty of an offence and liable—

(a) on summary conviction to a fine not exceeding £1,000; and

(b) on conviction on indictment to a fine not exceeding £10,000.