Table of Contents
Credit Union Act, 1997 (No. 15)Introductory TextActs Referred toPart I Preliminary and General (ss. 1-5)1. Short title and commencement.2. Interpretation.3. Orders and regulations.3A. Extension of interim period.4. Expenses incurred by the Minister.5. Repeals and transition from the former law.Part II Registration and Membership (ss. 6-25)Registration (ss. 6-12)6. Conditions for registration as a credit union.6A. Supplemental provisions relating to registration, etc., under section 6 of this Act.7. Application for registration as a credit union.8. Acknowledgement or refusal of registration.9. Effect of registration.10. Registered name.11. Change of registered name.12. Protection of use of seal and registered name of credit union.Rules (ss. 13-16)13. Rules.14. Amendment of registered rules.15. Rules to bind members.16. Provision of copies of rules.Membership (ss. 17-25)17. Requirements of, and qualifications for, membership.18. Appeal against refusal of membership.19. Expulsion and withdrawal from credit union.20. Remedy for debts from members.21. Nomination of property in credit union.22. Proceedings on death of nominator.23. Provision for small payments on death.24. Payments in respect of mentally incapable persons.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)26. General principles.27. Raising of funds by shares and deposits.27A. Protection of members' savings.Shares and deposits (ss. 28-32)28. Shares: general provisions.29. Transfer of shares.30. Dividends on shares.31. Interest on deposits.32. Restrictions on withdrawal of shares and deposits.Borrowing (ss. 33-34)33. Power to borrow.34. Charges on assets of a credit union.Loans (ss. 35-38)35. Making of loans.36. Approval of loans.37. Appeal against non-approval of loan.37A. Member to receive written notice of loan approval.37B. Credit agreement in respect of loans exceeding €200.37C. Contents of credit agreements.37D. Notice of important information to be included in credit agreements.37E. Definition and calculation of 'APR' for the purposes of sections 37C and 37D.37F. Regulations for the purposes of sections 37A-37D.38. Interest on loans.Other transactions (ss. 39-42)39. Promissory notes and bills of exchange.40. Contracts.41. Acquisition, holding and disposal of land.42. Receipt for repayment of secured debt.Investments etc. (ss. 43-47)43. Investments.44. Special fund for social, cultural etc. purposes.45. Statutory reserve.46. Savings protection scheme.47. Insurance against fraud of officers etc.Provision of additional services to members (ss. 48-52)48. Power to provide additional services.49. The Bank's approval of provision of additional services.50. Supplementary provisions as to Bank's functions.51. Requirements applicable to credit unions providing additional services.51A. Referral to another credit union.52. Appeal against certain decisions of Bank.Part IV Management of Credit Unions (ss. 53-76)Directors (ss. 53-57)53. Board of directors.54. Operation of board of directors.55. Functions of board of directors.55A. Chair of board of directors, etc.56. Removal of director from office.56A. Board committees.56B. Nomination committee.57. Directors: supplemental provisions.Supervisory Committee (ss. 58-62)58. Supervisory Committee.59. Supervisory Committee: procedural provisions.60. Functions of Supervisory Committee.61. Supervisory Committee: removal from office.62. Supervisory Committee: supplemental provisions.Officers (ss. 63-66)63. Officers: principal posts.63A. Manager of credit union.64. Functions of treasurer.65. Credit officer and credit control officer.66. Directors: suspension and removal by board oversight committee.General governance requirements (ss. 66A-66C)66A. Governance arrangements in credit unions.66B. Remuneration policies and practices.66C. Reporting to Bank.General provisions (ss. 67-76)67. Credit, credit control and membership committees.68. Limitation of remuneration.69. Conflicts of interest.70. Required signatories etc.71. Confidentiality of information.72. Persons disqualified from acting.73. Giving of security by officers etc.74. Duty to account.75. Register of members and officers.76. Inspection of books.Additional requirements for credit unions (ss. 76A-76K)76A. Strategic plan.76B. Risk management systems and systems and control.76C. Risk management officer.76D. Compliance officer.76E. Operational risk.76F. Records management.76G. Information systems.76H. Management information.76I. Business continuity plan.76J. Outsourcing.76K. Internal audit.Part IVA Board Oversight Committee (ss. 76L-76R)76L. Board oversight committee.76M. Functions of board oversight committee.76N. Election of board oversight committee, etc.76O. Board oversight committee: procedural provisions.76P. Board oversight committee: term of office and retirement.76Q. Board oversight committee: removal from office.76R. Board oversight committee: supplementary provision.Part V Meetings, Resolutions etc. (ss. 77-83)77. The organisation meeting.78. The annual general meeting.78A. General meetings during interim period.78B. General meetings (other than during interim period)79. Special general meetings.80. Notice of general meetings.80A. Notice of rescheduled general meeting.81. General meetings: adjournment, quorum and minutes.82. Supplementing provisions as to general meetings.82A. Proxies.83. Special resolutions.Part VI Control and Supervision of Credit Unions by the Bank (ss. 84-106)General (ss. 84-86)84. Functions of the Bank.84A. Power of Bank to make regulations.85. Assets and liabilities ratios and structures.85A. Liquidity.85B. Supplemental provisions to sections 85 and 85A.86. Control of advertising.Regulatory directions and prohibition orders (ss. 87-89)87. Power of Bank to give regulatory directions.88. Procedural provisions relating to regulatory directions.89. Power of Court to prohibit continuance of certain contraventions.Inspections and information (ss. 90-94)90. Inspection of books and documents of credit union.91. Notice to furnish books, information etc.92. Investigations and calling of meetings.93. Provisions supplementary to investigations under section 92.94. Inspector's report and proceedings thereon.Supervisory powers (ss. 95-99)95. Bank's power to appoint person as director of a credit union.95A. Bank's power to require appointment of additional director of credit union.96. Removal or suspension of directors and members of board oversight committee.97. Cancellation of registration.98. Suspension of registration.99. Appeals against cancellation or suspension.Administrative Provisions (ss. 100-106)100. Public file of a credit union.101. Fees.102. Classification of information.103. Delivery to the Bank of documents in legible form.104. Delivery to the Bank of documents otherwise than in legible form.105. Exercise of Registrar's functions.106. Annual report by Registrar.Part VII Accounts and Audit (ss. 107-124)107. Financial year of a credit union.108. Accounting records etc.109. Systems of control and safe custody.110. Accounting principles.111. Annual accounts.112. Balance sheet to be available to members.113. Obligation to appoint auditors.114. Qualification for appointment as auditor.115. Eligibility of auditor for re-election.116. Removal of auditor by Bank.117. Resolutions relating to appointment and removal of auditors.118. Resignation of auditors.119. Requisitioning of general meeting and circulation of statement by resigning auditor.120. Auditor's report, right of access and to be heard.121. Regulations relating to accounts and audit.122. Auditor's duty to report to Bank.123. Penalty for false statements etc. to auditors.124. Annual returns.Part VIII Disputes and Complaints (ss. 125-127)125. Settlement of disputes.126. Arbitration and procedural matters.127. Investigation of complaints.Part IX Amalgamations and Transfers of Engagements (ss. 128-132)128. Amalgamation of credit unions.129. Transfer of engagements between credit unions.130. Statement for members relating to proposed amalgamation or transfer of engagements.131. Confirmation of amalgamation or transfer.132. Distribution to members.Part X Winding up (ss. 133-136)133. Petition of Bank to wind up.134. Winding up under the Companies Acts.135. Winding up by instrument of dissolution.136. Restriction on dissolution or cancellation of registration.Part XI Appointment of Credit Union Administrator (ss. 137-141)137. Administration orders.138. Provisional administrators.139. Effect of administration.140. Termination of administration.141. Procedural matters.Part XII Appointment of Examiner (ss. 142-170)142. Power of the Court to appoint examiner.143. Petition for protection of the Court.144. Powers of the Circuit Court.145. The independent accountant's report.146. Interim protection pending report.147. Effect of petition to appoint examiner on creditors and others.148. Effect on receiver or provisional liquidator of order appointing examiner.149. Powers of an examiner.150. Production of documents and evidence.151. Further powers of the Court.152. Incurring of certain liabilities by examiner.153. Power to deal with charged property etc.154. Notification of appointment of examiner.155. General provisions as to examiners.156. Hearing relating to missing property etc.157. Duties of examiner.158. Contents of examiner's report under section 157.159. Repudiation of certain contracts.160. Appointment of creditors' committee.161. Proposals for compromise or scheme of arrangement.162. Consideration by members and creditors of proposals.163. Consideration of proposals by the Court.164. Confirmation or otherwise of proposals by the Court.165. Ending of protection.166. Revocation of confirmation on grounds of fraud.167. Disqualification to act as examiner.168. Remuneration, costs and expenses of examiners.169. Publicity.170. Hearing of proceedings otherwise than in public.Part XIII Offences and Civil Proceedings (ss. 171-179)171. Offences: general provisions.172. Offences by officers etc.173. Fraud or misappropriation.174. Falsification of documents and other records.175. Furnishing false information etc.176. Recovery of costs and expenses.177. Liability of officer etc.178. Power of court to grant relief to officer etc.179. Judgments against a credit union.Part XIV Miscellaneous and General (ss. 180-189)180. Credit Union Advisory Committee.181. Consultation.182. General regulations.182A. General regulations by Bank.183. Regulations to remove difficulties.184. Certain enactments not to apply to credit unions etc.185. Exemptions from stamp duty.186. Records and registers.187. Form, deposit and evidence of documents.188. Service of notices etc.188A. Delivery of notices etc.189. Transitional provisions.190. Disapplication of certain provisions to corporate credit unions.First Schedule Matters to be Provided for in Rules of Credit UnionSecond Schedule Form of ReceiptThird Schedule Credit Committee, Credit Control Committee and Membership CommitteeFourth Schedule Supplementary Provisions in Relation to Regulatory DirectionsFifth Schedule Supplementary Provisions as to Removal or Suspension by the Bank of Directors and Members of Supervisory CommitteeSixth Schedule Matters to be provided for in rules of corporate credit union
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45. Statutory reserve.
(1) In this section -
'assets' means such assets as the Bank may from time to time specify for the purposes of this section;
'regulatory reserve' means a reserve that is a realised financial reserve which is -
(a) unrestricted and non-distributable,
(b) identified separately in a credit union's accounts, and
(c) to be maintained by a credit union pursuant to this section;
'regulatory reserve requirement' means the amount required to be held in the regulatory reserve of a credit union, expressed as a percentage of the assets of a credit union and prescribed by the Bank.
(2) A credit union shall maintain reserves that are adequate having regard to the nature, scale, complexity and risk profile of its business.