Credit Union Act, 1997
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Procedural provisions relating to regulatory directions. |
88.—(1) When the Registrar gives any regulatory directions to a credit union, he shall— | |
(a) serve the directions at the registered office of the credit union or cause the directions to be so served; and | ||
(b) send notice of the giving of the directions to every member of the board of directors and of the Supervisory Committee of the credit union; | ||
but a failure to send notice as mentioned in paragraph (b) to a member of the board or of the Supervisory Committee shall not affect the validity of the directions. | ||
(2) The Registrar may, if he thinks fit, cause to be published in Iris Oifigiúil, or in any other manner which appears to him to be necessary for informing the public, notice of the giving of any regulatory directions and of their amendment or revocation. | ||
(3) The Fourth Schedule shall have effect with respect to regulatory directions. | ||
(4) While any regulatory directions are in force with respect to a credit union, then, except with the leave of the Court— | ||
(a) no winding up proceedings may be commenced in relation to the credit union except in accordance with the Fourth Schedule and no resolution may be passed for winding it up; | ||
(b) no receiver may be appointed over the whole or any part of the property of the credit union; and | ||
(c) none of the property of the credit union may be attached, sequestered or distrained upon. | ||
(5) Where the Court is satisfied that it is desirable, because of the nature or circumstances of the case or otherwise in the interest of justice, the whole or any part of any proceedings under this section or the Fourth Schedule may be heard otherwise than in public. | ||
(6) A credit union which fails to comply with any regulatory directions given to it 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 £25,000. |