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Registrar's power to appoint person as director of a credit union.
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25.—(1) Where the Registrar is of the opinion, after an inspection under section 21 or after an investigation under section 22, that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union, he may appoint a person to be a member of the board of directors of the credit union.
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(2) Without prejudice to the generality of subsection (1), the Registrar shall, before exercising a power conferred on him by this section, have regard to any financial transactions which have been undertaken, or are in the course of being undertaken, by the credit union and which, in the Registrar's opinion, are likely to be prejudicial to the interest of the orderly and proper regulation of the business of the credit union.
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(3) A person appointed under this section shall hold office for such period and on such terms as the Registrar may specify and, on the expiry of such a period, the Registrar may renew the appointment for such period or periods as he may specify.
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(4) All expenses of and incidental to the appointment of a person under this section, including the remuneration of such a person, shall be defrayed out of the funds of the credit union, or by the members (or former members) or officers of the credit union, in such proportions as the Registrar shall direct.
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(5) An officer, member or agent of a credit union shall at all times give all information required by a person appointed under this section for the full and satisfactory performance of his duties.
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(6) A person appointed under this section shall report to the Registrar, in such manner and with such frequency as the Registrar may direct, on the affairs of the credit union.
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