(1) An instrument which is executed by a credit union and which creates or is evidence of a charge on any assets of the credit union shall not be a bill of sale for the purposes of the Bills of Sale (Ireland) Acts, 1879 and 1883 or be invalidated by those Acts if the charge is recorded in accordance with subsection (2).

(2) An application for the recording of a charge under subsection (1) must be made by delivering to the Bank, within the permitted period—

(a) a copy of the instrument authenticated in such manner as may be specified by the Bank, and

(b) such additional particulars relating to the charge and authenticated as may be so specified.

The permitted period is 21 days from the date of execution of the instrument that creates or is evidence of the charge, or such extended period as may be allowed under subsection (5).

(2A) The application must be accompanied by the fee (if any) prescribed under section 33K of the Central Bank Act 1942, for the purposes of this subsection.

(3) The Bank shall ensure -

(a) that an acknowledgement of every application made for the purposes of this section is issued to the person by whom the application was made; and