Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 11 October 2013 - onwards
  Version 2 of 2    

95A. Bank's power to require appointment of additional director of credit union.

 

(1) Where the Bank is of the opinion, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013 or after an investigation under section 92, that it is necessary to enhance or improve the expertise of the board of directors of a credit union, it may require the nomination committee of the credit union to nominate an additional person with the required skills and expertise to be a director of the board of directors of the credit union.

(2) Any person nominated under subsection (1) shall be subject to the approval of the Bank prior to that person being nominated for appointment to the board of directors.

(3) A person shall be appointed to the board of directors for the purposes of this section by being co-opted by the board of directors and such director shall hold office from the date of the appointment to the next following annual general meeting of the credit union or, if it is earlier, the next