Credit Union (Amendment) Act 2023

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Number 34 of 2023

CREDIT UNION (AMENDMENT) ACT 2023

CONTENTS

Section

1. Short title and commencement

2. Definition

3. Amendment of section 2 of Principal Act (interpretation)

4. Amendment of section 6 of Principal Act (conditions for registration as a credit union)

5. Amendment of section 7 of Principal Act (application for registration as a credit union)

6. Amendment of section 13 of Principal Act (rules)

7. Amendment of section 14 of Principal Act (amendment of registered rules)

8. Amendment of section 15 of Principal Act (rules to bind members)

9. Amendment of section 17 of Principal Act (requirements of, and qualifications for, membership)

10. Amendment of section 19 of Principal Act (expulsion and withdrawal from credit union)

11. Amendment of section 21 of Principal Act (nomination of property in credit union)

12. Amendment of section 22 of Principal Act (proceedings on death of nominator)

13. Amendment of section 23 of Principal Act (provision for small payments on death)

14. Amendment of section 29 of Principal Act (transfer of shares)

15. Amendment of section 30 of Principal Act (dividends on shares)

16. Amendment of section 32 of Principal Act (restrictions on withdrawal of shares and deposits)

17. Amendment of section 33 of Principal Act (power to borrow)

18. Amendment of section 35 of Principal Act (making of loans)

19. Amendment of section 36 of Principal Act (approval of loans)

20. Amendment of section 37 of Principal Act (appeal against non-approval of loan)

21. Amendment of section 37B of Principal Act (credit agreement in respect of loans exceeding €200)

22. Amendment of section 38 of Principal Act (interest on loans)

23. Amendment of section 42 of Principal Act (receipt for repayment of secured debt)

24. Amendment of section 43 of Principal Act (investments)

25. Amendment of section 48 of Principal Act (power to provide additional services)

26. Referral to another credit union

27. Amendment of section 53 of Principal Act (board of directors)

28. Amendment of section 54 of Principal Act (directors: procedural divisions)

29. Amendment of section 55 of Principal Act (functions of board of directors)

30. Amendment of section 55A of Principal Act (chair of board of directors, etc.)

31. Amendment of section 56B of Principal Act (nomination committee)

32. Amendment of section 57 of Principal Act (directors: supplemental provisions)

33. Amendment of section 63 of Principal Act (officers: principal posts)

34. Amendment of section 63A of Principal Act (manager of credit union)

35. Amendment of section 65 of Principal Act (credit officer and credit control officer)

36. Amendment of section 66 of Principal Act (officers: suspension and removal by Supervisory Committee)

37. Amendment of section 66C of Principal Act (reporting to Bank)

38. Amendment of section 67 of Principal Act (credit, credit control and membership committees)

39. Amendment of section 68 of Principal Act (limitation of remuneration)

40. Amendment of section 72 of Principal Act (persons disqualified from acting)

41. Amendment of section 76 of Principal Act (inspection of books)

42. Amendment of section 76B of Principal Act (risk management systems and systems and control)

43. Amendment of section 76F of Principal Act (records management)

44. Amendment of section 76J of Principal Act (outsourcing)

45. Amendment of section 76K of Principal Act (internal audit)

46. Amendment of section 76N of Principal Act (election of board oversight committee)

47. Amendment of section 76O of Principal Act (board oversight committee: procedural provisions)

48. Amendment of section 77 of Principal Act (the organisation meeting)

49. Amendment of section 78 of Principal Act (the annual general meeting)

50. Amendment of section 80 of Principal Act (notice of general meetings)

51. Amendment of section 81 of Principal Act (general meetings: adjournment, quorum and minutes)

52. Amendment of section 82 of Principal Act (supplementing provisions as to general meetings)

53. Amendment of section 82A of Principal Act (proxies)

54. Amendment of section 87 of Principal Act (power of Bank to give regulatory directions)

55. Amendment of section 88 of Principal Act (procedural provisions relating to regulatory directions)

56. Amendment of section 92 of Principal Act (investigations and calling of meetings)

57. Amendment of section 111 of Principal Act (annual accounts)

58. Amendment of section 120 of Principal Act (auditor’s report, right of access and to be heard)

59. Amendment of section 125 of Principal Act (settlement of disputes)

60. Amendment of section 126 of Principal Act (arbitration and procedural matters)

61. Amendment of section 129 of Principal Act (transfer of engagements between credit unions)

62. Amendment of section 134 of Principal Act (winding up under the Companies Acts)

63. Amendment of section 136 of Principal Act (restriction on dissolution or cancellation of registration)

64. Amendment of section 161 of Principal Act (proposals for compromise or scheme of arrangement)

65. Delivery of notices etc.

66. Disapplication of certain provisions to corporate credit unions

67. Amendment of First Schedule to Principal Act

68. Insertion of Sixth Schedule to Principal Act

Acts Referred to

Companies Act 2014 (No. 38)

Credit Union Act 1997 (No. 15)

Industrial and Provident Societies Act 1893 (56 & 57 Vict., c. 39)

Number 34 of 2023

CREDIT UNION (AMENDMENT) ACT 2023

An Act to provide for the establishment of corporate credit unions; to amend the requirements and qualifications for membership of credit unions; to alter the scope of permitted investments by credit unions; to provide for changes to the governance of credit unions; to provide for the setting of maximum interest rates on loans by credit unions; to provide for the provision of services by credit unions to members of other credit unions; to provide for the participation by credit unions in loans to members of other credit unions; and for those purposes to amend the Credit Union Act 1997 ; and to provide for related matters.

[13th December, 2023]

Be it enacted by the Oireachtas as follows: