Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

50. Supplementary provisions as to Bank's functions.

(1) In the exercise of its powers under sections 48 and 49 and this section, the Bank may at any time consult the Advisory Committee and such other bodies as appear to it to be expert or knowledgeable in matters relating to credit unions.

(2) Without prejudice to the generality of subsection (1), the Bank may commission an independent assessment of the capacity of a credit union to provide any or each description of the additional services in respect of which it has made an approval application; and, if the Bank so directs, the credit union shall defray the costs of such an assessment.

(3) If it appears to it appropriate to do so, the Bank may at any time by notice -

(a) withdraw an approval granted under section 49;

(b) revoke or vary any conditions imposed on such an approval; or

(c) impose new conditions on such an approval;

but any such action by the Bank shall not require the disposal of any property or right already acquired.

(4) In this section "approval application" has the sam