Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Published date: 3 May 1997
    Version 1 of 1    

Credit Union Act, 1997 (No. 15)

Introductory Text
Acts Referred to
Part I Preliminary and General (ss. 1-5)
In force
1. Short title and commencement.
In force
2. Interpretation.
In force
3. Orders and regulations.
In force
4. Expenses incurred by the Minister.
In force
5. Repeals and transition from the former law.
Part II Registration and Membership (ss. 6-25)
Registration (ss. 6-12)
In force
6. Conditions for registration as a credit union.
In force
6A. Supplemental provisions relating to registration, etc., under section 6 of this Act.
In force
7. Application for registration as a credit union.
In force
8. Acknowledgement or refusal of registration.
In force
9. Effect of registration.
In force
10. Registered name.
In force
11. Change of registered name.
In force
12. Protection of use of seal and registered name of credit union.
Rules (ss. 13-16)
In force
13. Rules.
In force
14. Amendment of registered rules.
In force
15. Rules to bind members.
In force
16. Provision of copies of rules.
Membership (ss. 17-25)
In force
17. Requirements of, and qualifications for, membership.
In force
18. Appeal against refusal of membership.
In force
19. Expulsion and withdrawal from credit union.
In force
20. Remedy for debts from members.
In force
21. Nomination of property in credit union.
In force
22. Proceedings on death of nominator.
In force
23. Provision for small payments on death.
In force
24. Payments in respect of mentally incapable persons.
In force
25. Validity of payments to persons apparently entitled.
Part III Operation of Credit Unions (ss. 26-52)
Business and raising of funds (ss. 26-27A)
In force
26. General principles.
In force
27. Raising of funds by shares and deposits.
In force
27A. Protection of members' savings.
Shares and deposits (ss. 28-32)
In force
28. Shares: general provisions.
In force
29. Transfer of shares.
In force
30. Dividends on shares.
In force
31. Interest on deposits.
In force
32. Restrictions on withdrawal of shares and deposits.
Borrowing (ss. 33-34)
In force
33. Power to borrow.
In force
34. Charges on assets of a credit union.
Loans (ss. 35-38)
In force
35. Making of loans.
In force
36. Approval of loans.
In force
37. Appeal against non-approval of loan.
In force
37A. Member to receive written notice of loan approval.
In force
37B. Credit agreement in respect of loans exceeding €200.
In force
37C. Contents of credit agreements.
In force
37D. Notice of important information to be included in credit agreements.
In force
37E. Definition and calculation of 'APR' for the purposes of sections 37C and 37D.
Deleted
37F. Regulations for the purposes of sections 37A-37D.
In force
38. Interest on loans.
Other transactions (ss. 39-42)
In force
39. Promissory notes and bills of exchange.
In force
40. Contracts.
In force
41. Acquisition, holding and disposal of land.
In force
42. Receipt for repayment of secured debt.
Investments etc. (ss. 43-47)
In force
43. Investments.
In force
44. Special fund for social, cultural etc. purposes.
In force
45. Statutory reserve.
Deleted
46. Savings protection scheme.
In force
47. Insurance against fraud of officers etc.
Provision of additional services to members (ss. 48-52)
In force
48. Power to provide additional services.
In force
49. The Bank's approval of provision of additional services.
In force
50. Supplementary provisions as to Bank's functions.
In force
51. Requirements applicable to credit unions providing additional services.
In force
52. Appeal against certain decisions of Bank.
Part IV Management of Credit Unions (ss. 53-76)
Directors (ss. 53-57)
In force
53. Board of directors.
In force
54. Operation of board of directors.
In force
55. Functions of board of directors.
In force
55A. Chair of board of directors, etc.
In force
56. Removal of director from office.
In force
56A. Board committees.
In force
56B. Nomination committee.
In force
57. Directors: supplemental provisions.
Supervisory Committee (ss. 58-62)
Deleted
58. Supervisory Committee.
Deleted
59. Supervisory Committee: procedural provisions.
Deleted
60. Functions of Supervisory Committee.
Deleted
61. Supervisory Committee: removal from office.
Deleted
62. Supervisory Committee: supplemental provisions.
Officers (ss. 63-66)
In force
63. Officers: principal posts.
In force
63A. Manager of credit union.
Deleted
64. Functions of treasurer.
In force
65. Credit officer and credit control officer.
In force
66. Directors: suspension and removal by board oversight committee.
General governance requirements (ss. 66A-66C)
In force
66A. Governance arrangements in credit unions.
In force
66B. Remuneration policies and practices.
In force
66C. Reporting to Bank.
General provisions (ss. 67-76)
In force
67. Credit, credit control and membership committees.
In force
68. Limitation of remuneration.
In force
69. Conflicts of interest.
In force
70. Required signatories etc.
In force
71. Confidentiality of information.
In force
72. Persons disqualified from acting.
Deleted
73. Giving of security by officers etc.
In force
74. Duty to account.
In force
75. Register of members and officers.
In force
76. Inspection of books.
Additional requirements for credit unions (ss. 76A-76K)
In force
76A. Strategic plan.
In force
76B. Risk management systems and systems and control.
In force
76C. Risk management officer.
In force
76D. Compliance officer.
In force
76E. Operational risk.
In force
76F. Records management.
In force
76G. Information systems.
In force
76H. Management information.
In force
76I. Business continuity plan.
In force
76J. Outsourcing.
In force
76K. Internal audit.
Part IVA Board Oversight Committee (ss. 76L-76R)
In force
76L. Board oversight committee.
In force
76M. Functions of board oversight committee.
In force
76N. Election of board oversight committee, etc.
In force
76O. Board oversight committee: procedural provisions.
In force
76P. Board oversight committee: term of office and retirement.
In force
76Q. Board oversight committee: removal from office.
In force
76R. Board oversight committee: supplementary provision.
Part V Meetings, Resolutions etc. (ss. 77-83)
In force
77. The organisation meeting.
In force
78. The annual general meeting.
In force
79. Special general meetings.
In force
80. Notice of general meetings.
In force
81. General meetings: adjournment, quorum and minutes.
In force
82. Supplementing provisions as to general meetings.
In force
83. Special resolutions.
Part VI Control and Supervision of Credit Unions by the Registrar (ss. 84-106)
General (ss. 84-86)
In force
84. Functions of the Bank.
In force
84A. Power of Bank to make regulations.
In force
85. Assets and liabilities ratios and structures.
In force
85A. Liquidity.
In force
85B. Supplemental provisions to sections 85 and 85A.
In force
86. Control of advertising.
Regulatory directions and prohibition orders (ss. 87-89)
In force
87. Power of Bank to give regulatory directions.
In force
88. Procedural provisions relating to regulatory directions.
In force
89. Power of Court to prohibit continuance of certain contraventions.
Inspections and information (ss. 90-94)
In force
90. Inspection of books and documents of credit union.
In force
91. Notice to furnish books, information etc.
In force
92. Investigations and calling of meetings.
In force
93. Provisions supplementary to investigations under section 92.
In force
94. Inspector's report and proceedings thereon.
Supervisory powers (ss. 95-99)
In force
95. Bank's power to appoint person as director of a credit union.
In force
95A. Bank's power to require appointment of additional director of credit union.
In force
96. Removal or suspension of directors and members of board oversight committee.
In force
97. Cancellation of registration.
In force
98. Suspension of registration.
Partly in force
99. Appeals against cancellation or suspension.
Administrative Provisions (ss. 100-106)
In force
100. Public file of a credit union.
Repealed
101. Fees.
In force
102. Classification of information.
In force
103. Delivery to the Bank of documents in legible form.
In force
104. Delivery to the Bank of documents otherwise than in legible form.
Repealed
105. Exercise of Registrar's functions.
Repealed
106. Annual report by Registrar.
Part VII Accounts and Audit (ss. 107-124)
In force
107. Financial year of a credit union.
In force
108. Accounting records etc.
In force
109. Systems of control and safe custody.
In force
110. Accounting principles.
In force
111. Annual accounts.
In force
112. Balance sheet to be available to members.
In force
113. Obligation to appoint auditors.
In force
114. Qualification for appointment as auditor.
In force
115. Eligibility of auditor for re-election.
In force
116. Removal of auditor by Bank.
In force
117. Resolutions relating to appointment and removal of auditors.
In force
118. Resignation of auditors.
In force
119. Requisitioning of general meeting and circulation of statement by resigning auditor.
Partly in force
120. Auditor's report, right of access and to be heard.
In force
121. Regulations relating to accounts and audit.
Partly in force
122. Auditor's duty to report to Bank.
In force
123. Penalty for false statements etc. to auditors.
In force
124. Annual returns.
Part VIII Disputes and Complaints (ss. 125-127)
In force
125. Settlement of disputes.
In force
126. Arbitration and procedural matters.
In force
127. Investigation of complaints.
Part IX Amalgamations and Transfers of Engagements (ss. 128-132)
In force
128. Amalgamation of credit unions.
In force
129. Transfer of engagements between credit unions.
In force
130. Statement for members relating to proposed amalgamation or transfer of engagements.
In force
131. Confirmation of amalgamation or transfer.
In force
132. Distribution to members.
Part X Winding up (ss. 133-136)
In force
133. Petition of Bank to wind up.
In force
134. Winding up under the Companies Acts.
In force
135. Winding up by instrument of dissolution.
In force
136. Restriction on dissolution or cancellation of registration.
Part XI Appointment of Credit Union Administrator (ss. 137-141)
In force
137. Administration orders.
In force
138. Provisional administrators.
In force
139. Effect of administration.
In force
140. Termination of administration.
In force
141. Procedural matters.
Part XII Appointment of Examiner (ss. 142-170)
In force
142. Power of the Court to appoint examiner.
In force
143. Petition for protection of the Court.
In force
144. Powers of the Circuit Court.
In force
145. The independent accountant's report.
In force
146. Interim protection pending report.
In force
147. Effect of petition to appoint examiner on creditors and others.
In force
148. Effect on receiver or provisional liquidator of order appointing examiner.
In force
149. Powers of an examiner.
In force
150. Production of documents and evidence.
In force
151. Further powers of the Court.
In force
152. Incurring of certain liabilities by examiner.
In force
153. Power to deal with charged property etc.
In force
154. Notification of appointment of examiner.
In force
155. General provisions as to examiners.
In force
156. Hearing relating to missing property etc.
In force
157. Duties of examiner.
In force
158. Contents of examiner's report under section 157.
In force
159. Repudiation of certain contracts.
In force
160. Appointment of creditors' committee.
In force
161. Proposals for compromise or scheme of arrangement.
In force
162. Consideration by members and creditors of proposals.
In force
163. Consideration of proposals by the Court.
In force
164. Confirmation or otherwise of proposals by the Court.
In force
165. Ending of protection.
In force
166. Revocation of confirmation on grounds of fraud.
In force
167. Disqualification to act as examiner.
In force
168. Remuneration, costs and expenses of examiners.
In force
169. Publicity.
In force
170. Hearing of proceedings otherwise than in public.
Part XIII Offences and Civil Proceedings (ss. 171-179)
In force
171. Offences: general provisions.
In force
172. Offences by officers etc.
In force
173. Fraud or misappropriation.
In force
174. Falsification of documents and other records.
In force
175. Furnishing false information etc.
In force
176. Recovery of costs and expenses.
In force
177. Liability of officer etc.
In force
178. Power of court to grant relief to officer etc.
In force
179. Judgments against a credit union.
Part XIV Miscellaneous and General (ss. 180-189)
In force
180. Credit Union Advisory Committee.
In force
181. Consultation.
In force
182. General regulations.
In force
182A. General regulations by Bank.
In force
183. Regulations to remove difficulties.
In force
184. Certain enactments not to apply to credit unions etc.
In force
185. Exemptions from stamp duty.
In force
186. Records and registers.
In force
187. Form, deposit and evidence of documents.
In force
188. Service of notices etc.
In force
189. Transitional provisions.
In force
First Schedule Matters to be Provided for in Rules of Credit Union
In force
Second Schedule Form of Receipt
In force
Third Schedule Credit Committee, Credit Control Committee and Membership Committee
Partly in force
Fourth Schedule Supplementary Provisions in Relation to Regulatory Directions
In force
Fifth Schedule Supplementary Provisions as to Removal or Suspension by the Bank of Directors and Members of Supervisory Committee