Credit Union Act, 1997
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Cancellation of registration. |
97.—(1) Subject to the provisions of this section and section 98 (2), the Registrar may, by writing under his hand, cancel the registration of a credit union— | |
(a) if at any time it is proved to his satisfaction— | ||
(i) that the number of the members of the credit union has been reduced to less than 15; or | ||
(ii) that an acknowledgement of registration has been obtained by fraud or mistake; or | ||
(iii) that the credit union has not commenced business within 12 months of the date on which it was registered; or | ||
(iv) that the credit union has suspended its business for a period of not less than six months or has ceased to function; | ||
(b) if he thinks fit, at the request of the credit union, to be evidenced in such manner as he shall from time to time direct; | ||
(c) on proof to his satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the Registrar violated any of the provisions of this Act; | ||
(d) where it appears to him that the members of the credit union no longer have a common bond. | ||
(2) The Registrar shall cancel the registration of a credit union that has been— | ||
(a) dissolved by virtue of section 128 or 129 ; or | ||
(b) wound up under section 133 or section 134 , or dissolved under section 135 . | ||
(3) Before the registration of a credit union is cancelled otherwise than— | ||
(a) at its own request; or | ||
(b) by virtue of subsection (2), | ||
the Registrar shall give the credit union not less than two months' previous notice in writing, specifying the ground of any proposed cancellation; and if, before the expiry of the period of that notice, the credit union duly lodges an appeal under section 99 (1), then, without prejudice to section 98 (2), the credit union's registration shall not be cancelled before the date of the determination or abandonment of the appeal. | ||
(4) Notice of every cancellation under this section of a credit union's registration shall, as soon as practicable after it takes place, be published in Iris Oifigiúil and in any other manner which the Registrar considers necessary for bringing the cancellation to the notice of the persons affected by it. | ||
(5) From the date of publication in Iris Oifigiúil under subsection (4) of a notice of the cancellation of a credit union's registration, the credit union shall cease to be entitled to any of the privileges of this Act as a credit union. | ||
(6) Subsection (5) is without prejudice to any liability incurred by a credit union before the cancellation of its registration; and any such liability may be enforced against it as if the cancellation had not taken place. |