Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 11 October 2013 - onwards
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130. Statement for members relating to proposed amalgamation or transfer of engagements.

(1) A credit union which proposes -

(a) to amalgamate with one or more other credit unions,

(b) to transfer its engagements to another credit union, or

(c) to undertake to fulfil the engagements of another credit union,

shall, subject to subsection (2), cause to be sent to every member entitled to notice of a general meeting of the credit union and to the auditor of the credit union a statement, in such form as the Bank may specify in writing, showing the matters specified in subsection (3), together with a copy of the annual accounts for each credit union concerned for the most recent financial year.

(2) If, in the case of a credit union proposing to transfer its engagements or to fulfil the engagements of another credit union, the Bank has consented under section 129 to the credit union proceeding by a resolution of its board of directors, subsection (1) shall not apply but, within the seven days following the meeting of the board at which that resolution is passed, the secretary of