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Credit Union and Co-operation with Overseas Regulators Act 2012 (No. 40)Introductory TextActs Referred toPart 1 Preliminary and General (ss. 1-5)1. Short title, construction and collective citation.2. Commencement.3. Definition.4. Savers for regulatory actions of Bank.5. Expenses.Part 2 Amendments to Credit Union Act 1997 and Consequential Amendments, etc. (ss. 6-38)6. Amendment of section 2 (Interpretation) of Principal Act.7. Supplemental provisions relating to registration, etc., under section 6 of Principal Act.8. Savings.9. Protection of members' savings.10. Borrowing.11. Lending.12. Investments.13. Reserves.14. Appeal against certain decisions of Bank.15. Board of directors.16. Operation of board of directors.17. Functions of board of directors.18. Chair of board of directors, etc.19. Board committees.20. Nomination committee.21. Manager of credit union.22. Credit officer and credit control officer.23. Directors: suspension and removal by board oversight committee.24. General governance requirements.25. Conflicts of interest.26. Additional requirements for credit unions.27. Board oversight committee.28. Special resolutions.29. Power of Bank to make regulations.30. Liquidity and stress testing, etc.31. Bank's power to require appointment of additional director of credit union.32. Removal of auditor of credit union by Bank.33. General regulations by Bank.34. Certain enactments not to apply to credit unions, etc.35. Miscellaneous and consequential amendments to Principal Act.36. Consequential amendments of the Central Bank Act 1942.37. Amendment of Schedule 2 to Central Bank Act 1942.38. Revocation of statutory instruments.Part 3 Restructuring (ss. 39-60)Preliminary and restructuring generally (ss. 39-41)39. Interpretation (Part 3).40. Independence of Bank and its Governor not affected (Part 3).41. Minister to have regard to European Union law (Part 3).Credit Union Restructuring Board (ss. 42-56)42. Establishment of Credit Union Restructuring Board.43. Cessation of effect of this Part.44. Restructuring functions of ReBo.45. Restructuring of credit unions.46. Guidelines and directions.47. ReBo levy.48. Collection of ReBo levy and amendment of section 61H of the Central Bank Act 1942.49. Membership of Board of ReBo, etc.50. Non-disclosure of information.51. Reports to Minister.52. Chief executive officer of ReBo.53. Staff of ReBo.54. Accounts and audit.55. Contracted service providers.56. Disclosure of information.Credit Union Fund and Credit Union Levy (ss. 57-60)57. Credit Union Fund.58. Keeping and audit of accounts of Credit Union Fund, etc.59. Credit union levy.60. Arrangements for collection of credit union levies.Part 4 Stabilisation (ss. 61-67)61. Interpretation (Part 4).62. Independence of Bank and its Governor not affected (Part 4).63. Minister and Bank to have regard to European Union law (Part 4).64. Funding for stabilisation support.65. Provision of stabilisation support.66. Stabilisation Committee.67. Expenses of Bank under Part 4.Part 5 Miscellaneous Amendments relating to Central Bank Acts 1942 to 2011 (ss. 68-70)68. Amendments to Central Bank Act 1942.69. Amendment to Central Bank Reform Act 2010.70. Amendments, repeals, revocations, savings and transitional provisions (Part 5).Schedule 1 Miscellaneous and Consequential Amendments to Credit Union Act 1997Schedule 2 Amendments to Certain Acts and Statutory InstrumentsSchedule 2, Part 1 Amendments to Certain ActsSchedule 2, Part 2 Amendments to Certain Statutory InstrumentsSchedule 3 Amendments of Central Bank ActsSchedule 3, Part 1 Amendments of Central Bank Act 1971Schedule 3, Part 2 Amendments of Central Bank Act 1997Schedule 4 Amendments of Certain Other ActsSchedule 4, Part 1 Amendments of Building Societies Act 1989Schedule 4, Part 2 Amendment of Trustee Savings Banks Act 1989Schedule 4, Part 3 Amendment of Investment Limited Partnerships Act 1994Schedule 4, Part 4 Amendments of Consumer Credit Act 1995Schedule 4, Part 5 Amendments of Investment Intermediaries Act 1995Schedule 4, Part 6 Amendments of Credit Union Act 1997Schedule 4, Part 7 Amendments of Investor Compensation Act 1998Schedule 4, Part 8 Amendment of Asset Covered Securities Act 2001Schedule 5 Amendments to Certain Statutory InstrumentsSchedule 5, Part 1 Amendments of European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 (S.I. No. 853 of 2004)Schedule 5, Part 2 Amendment of European Communities (Insurance Mediation) Regulations 2005 (S.I. No. 13 of 2005)Schedule 5, Part 3 Amendment of European Communities (Reinsurance) Regulations 2006 (S.I. No. 380 of 2006)Schedule 5, Part 4 Amendments of European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007)Schedule 5, Part 5 Amendments of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007 (S.I. No. 366 of 2007)Schedule 5, Part 6 Amendments of European Communities (Credit Institutions) (Consolidated Supervision) Regulations 2009 (S.I. No. 475 of 2009)Schedule 5, Part 7 Amendment of European Communities (Cross Border Payments) Regulations 2010 (S.I. No. 183 of 2010)
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2018 - onwards
Version 4 of 4

15. Board of directors.

(1) The Principal Act is amended by substituting the following for section 53:

"53.

(1) A credit union shall have a board of directors which shall have responsibility for the general control, direction and management of the credit union.

(2) The board of directors of a credit union shall be of sufficient number and expertise to adequately oversee the operations of the credit union.

(3) Except in the circumstances set out in subsection (4), the number of directors shall be specified in the registered rules as set out in section 13 and shall be -

(a) not less than 7,

(b) not more than 11, and

(c) an odd number.

(4) The number of directors of a credit union may be more than 11 or may be an even number if an additional director is appointed under section 95A.

(5) Each director of a credit union shall ensure that he or she has sufficient time to devote to the role of director and the responsibilities associated with that role as indicated by the nomination committee under section 56B(4)(g).

(6) The board of directors of a credit union shall be elected -

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