Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 September 2018 - onwards
  Version 8 of 8    

114. Qualification for appointment as auditor.

(1) A person shall not be qualified for election as auditor of a credit union unless the person is a statutory auditor within the meaning of section 2 of the Companies Act 2014.

(2) None of the following persons shall be qualified for election as auditor of a credit union -

(a) a person who is or, at any time during the period of three years preceding the meeting at which the election is to be made, has been an officer of the credit union;

(b) a parent, spouse or civil partner, brother, sister or child of an officer of the credit union; or

(c) a person who is a partner of, or in the employment of, or who employs, an officer of the credit union.

(3) Any election made by a credit union in contravention of subsection (1) or subsection (2) shall not be an effective election for the purposes of this Act.

(4) A person shall not act as auditor of a credit union at a time when he is disqualified under this Act or the Companies Acts for election or appointment to that office and, if an auditor