(1) In respect of each financial year, a meeting (to be known as the "annual general meeting") of the members of a credit union shall be held at a time, at a place in the State (where applicable) and in the manner (where applicable) provided for under the rules.

(2) Subject to subsections (3) and (4) and section 78A(2), the annual general meeting of a credit union in respect of any financial year shall be held in the October, November, December or January following the end of that financial year.

(3) If a credit union fails to hold an annual general meeting in respect of any financial year as required by subsections (1) and (2) or as provided for by section 78A(2), as the case may be, the Bank may call or require the calling by the credit union of such a meeting on such date or within such period as it may specify and give such ancillary or consequential directions as it thinks expedient, including directions modifying or supplementing the operation of the rules of the credit union in relation to the calling, holding and conduct of the meeting.

(4) Where, in the opinion of the Bank, it is necessary to do so -

(a) in the interests of the members or creditors of a credit union, or