(1) When the Bank gives any regulatory directions to a credit union, -

(a) it shall serve the directions at the registered office of the credit union or cause the directions to be so served, and

(b) the secretary of the credit union concerned shall, as soon as practicable, notify every member of the board of directors and every member of the board oversight committee of that credit union of the giving of those directions,

but a failure to notify in accordance with paragraph (b) shall not affect the validity of the directions.

(2) The Bank may, if it thinks fit, cause to be published in Iris Oifigiúil, or in any other manner which appears to it to be necessary for informing the public, notice of the giving of any regulatory directions and of their amendment or revocation.

(3) The Fourth Schedule shall have effect with respect to regulatory directions.

(4) While any regulatory directions are in force with respect to a credit union, then, except with the leave of the Court -