Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2004 - onwards
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Fourth Schedule Supplementary Provisions in Relation to Regulatory Directions

Section 88.

When a regulatory direction terminates.

1. A regulatory direction terminates-

(a) at the end of the period of operation specified in the direction, or

(b) [not yet in force]

if an appeal is lodged against the direction under Part VIIA of the Central Bank Act 1942 and the period is varied by the Irish Financial Services Appeals Tribunal on the hearing of the appeal, at the end of the period specified in the direction as so varied, or

(c) on the making by the Court of a winding-up order in respect of the credit union,

whichever first occurs.

Bank may require credit union to prepare scheme for the orderly termination of its business.

2.

(1) On forming the opinion that a credit union to which a regulatory direction was given is able to meet its obligations to its members and creditors but the circumstances that gave rise to the direction are unlikely to be rectified, the Bank may, by notice in writing given to the credit union, require the credit union

(a) to prepare, in