Credit Union Act, 1997
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Amendment of registered rules. |
14.—(1) The rules of a credit union shall not be amended except by a resolution passed by not less than two-thirds of the members of the credit union present and voting at an annual general meeting or at a special general meeting called for the purpose of considering a resolution proposing an amendment of the rules. | |
(2) An amendment of the registered rules of a credit union shall not be valid until the amendment has been registered under this Act, for which purpose two copies of the amendment, signed by four members, one of whom shall be the secretary and another a director, shall be sent to the Registrar. | ||
(3) Subsection (2) shall not apply to a change in the name of a credit union, but, where a change in the name of a credit union is made in accordance with section 11 , the change in the credit union's name shall be registered by the Registrar as an amendment of the credit union's rules. | ||
(4) On being satisfied that an amendment of a credit union's rules sent to him under subsection (2) is not contrary to the provisions of this Act, the Registrar shall issue to the credit union, within three months of his receipt of the amendment, an acknowledgement of registration which, unless the contrary is proved, shall be sufficient evidence that the amendment is duly registered. | ||
(5) If the Registrar is not satisfied as mentioned in subsection (4) with respect to an amendment of a credit union's rules sent to him under subsection (2)— | ||
(a) the Registrar shall issue to the credit union, within three months of his receipt of the amendment, a notice of his refusal to register the amendment, specifying the grounds for the refusal; and | ||
(b) the credit union may apply to the Court for a review of the Registrar's decision; | ||
and subsection (4) of section 8 shall apply to an application under paragraph (b) as it applies to an application under subsection (3) of that section. | ||
(6) Notwithstanding anything in the rules of a credit union, the board of directors may, by resolution passed during the transitional period, make such amendments of the rules of the credit union as may be consequential on the provisions of this Act. | ||
(7) For the purposes of subsection (6), the transitional period is the period of one year from the commencement of this section or such longer period as may be determined by the Registrar. | ||
(8) Notwithstanding anything in subsection (4), after the expiry of one year from the commencement of this section, the Registrar shall not be required to register any amendment of a credit union's rules unless such consequential amendments of the registered rules as are mentioned in subsection (6) either— | ||
(a) have been made before the Registrar receives the amendment; or | ||
(b) are to be effected by the amendment. |