PART VI

Control and Supervision of Credit Unions by the Registrar

General

84. —(1) The Registrar shall administer the system of regulation and supervision of credit unions provided for by or under this Act with a view to—

(a) the protection by each credit union of the funds of its members, and

(b) the maintenance of the financial stability and well-being of credit unions generally.

(2) The Registrar shall have power to do anything which, in his opinion, is necessary to facilitate the exercise of his functions or is incidental to or consequential on their exercise; and, in the exercise of any such power, the Registrar may consult the Advisory Committee and such other bodies as appear to him to be expert or knowledgeable in matters relating to credit unions.

(3) Neither the registration of a credit union nor the imposition of any prudential, supervisory or reporting requirements or conditions by the Registrar shall constitute a warranty as to the solvency of the credit union to which registration is given; and neither the State nor the Registrar shall be liable in respect of any losses incurred through the insolvency or default of a society which is registered as a credit union.

85. —(1) A credit union shall at all times keep a proportion of its total assets in liquid form (hereinafter referred to as “liquid assets”), being such a proportion and having such a composition as to enable the credit union to meet its liabilities as they arise.

(2) For the purpose of complying with subsection (1), a credit union shall have regard to the range and scale of its business and the composition of its assets and liabilities; but nothing in this Act shall be taken to prevent a credit union keeping liquid assets in addition to those required for complying with subsection (1).

(3) The Registrar may from time to time by notice in writing require a credit union to maintain, between its assets and its liabilities—

(a) a ratio specified in the requirement,

(b) a ratio which does not exceed a ratio so specified, or

(c) a ratio which is not less than a ratio so specified,

and a ratio may be so specified as a percentage of the assets or liabilities concerned.

(4) A requirement of the Registrar under subsection (3) may be expressed to apply in one or more of the following ways—

(a) in relation to all credit unions or to credit unions of a category or categories specified in the requirement;

(b) in relation to the total assets or total liabilities of the credit unions concerned or in relation to such assets or kinds of assets or such liabilities or kinds of liabilities as may be specified in the requirement;

(c) in relation to such time or times or during such period or periods as may be so specified.

(5) The Registrar may, from time to time, by notice in writing specify, as respects a credit union, requirements as to the composition of its assets or, subject to subsections (2) and (3) of section 27 , the composition of its liabilities.

(6) In this section—

(a) “liabilities” include such contingent liabilities as the Registrar may from time to time specify by notice in writing for the purposes of this section; and

(b) “liquid assets” mean such assets as the Registrar may from time to time specify by notice in writing for the purposes of this section;

and, until the Registrar specifies assets as mentioned in paragraph (b), “liquid assets” include assets held in a form provided for by section 43 .

(7) Where, under the preceding provisions of this section, the Registrar by notice in writing imposes a requirement or specifies any matter, and the requirement is to apply or the matter is specified otherwise than in relation to a particular credit union, the power to give the notice shall be exercisable by rules.

86. —(1) If the Registrar considers it necessary to do so in the case of any body (whether a credit union, a group or association of credit unions or otherwise) he may give the body directions in writing relating to the content or form (or both)—

(a) of any advertisement or other means of soliciting deposits or subscriptions for shares in any one or more credit unions or credit unions generally; or

(b) of any advertisement relating to any service provided or business undertaken by any one or more credit unions or credit unions generally;

and the Registrar may also give directions in writing requiring any such body to withdraw or amend an advertisement.

(2) Without prejudice to the generality of subsection (1), directions under this section may do all or any of the following—

(a) prohibit the issue by the body concerned of advertisements of all descriptions or any specified description;

(b) require the body concerned to modify advertisements of a specified description in a specified manner;

(c) prohibit the issue by the body concerned of any advertisements which are, or are substantially, repetitions of a specified advertisement;

(d) require the body concerned to withdraw any specified advertisement or any advertisement of a specified description;

(e) require the body concerned to include specified information in any advertisement to be published by it or on its behalf or in any statement to the public to be made by it or on its behalf.

(3) In this section:

(a) “advertisement” includes every form of recommendation of any matter to which this section relates, including in particular the display or publication of any such matter by way of leaflet, notice, circular, pamphlet, brochure, photograph, film, video, sound broadcasting, television, electronic communication or personal canvassing, and references to the issue of advertisements shall be construed accordingly; and

(b) “specified” means specified by directions in writing under this section.

(4) Section 3 (3) shall not apply to directions under this section.

(5) A credit union or other body which fails to comply with any directions given to it under this section shall be guilty of an offence.

Regulatory directions and prohibition orders

87. —(1) If, with respect to a credit union, the Registrar is satisfied—

(a) that the credit union has become, or is likely to become, unable to meet its obligations to its creditors or its members or suspends payments lawfully due from it, or

(b) that it is expedient to do so in the public interest or in the interest of the orderly and proper regulation of the business of the credit union or in order to protect the savings of its members, or

(c) that the credit union no longer possesses, or is not maintaining and is unlikely to be in a position to maintain, adequate capital resources and, in particular, no longer provides security for the funds entrusted to it, or

(d) that the credit union is not a participant in a savings protection scheme approved by the Registrar or, although a participant, has failed to make satisfactory arrangements with the management of such a scheme, or

(e) that any member or group of members of the credit union have, or are likely to achieve, a position in relation to the credit union that would enable the member or group to exercise a significant influence over the management or operation of the credit union,

the Registrar may give the credit union such regulatory directions as he thinks proper.

(2) The Registrar may also give regulatory directions to a credit union if it appears to him—

(a) that the credit union has failed to comply with any requirements imposed by or under this Act (including requirements imposed by the Registrar by conditions, notices, directions or otherwise in the exercise of his powers under this Act); or

(b) that the credit union has been convicted of an offence under section 27 (2) or section 33 (6) or an offence involving fraud, dishonesty or breach of trust; or

(c) that, since the registration of the credit union, the factors taken into account in granting registration have so changed that, if the society were now applying for registration, it would be refused.

(3) For the purposes of this Act, “regulatory directions” are directions in writing given to a credit union by the Registrar which do one or more of the following—

(a) prohibit the credit union, for such period not exceeding six months, to such extent, and subject to such conditions as may be specified, from carrying on all or any of the following activities, except with the written authority of the Registrar—

(i) the raising of funds (by whatever means);

(ii) the making of payments;

(iii) the acquisition or disposal of other assets or liabilities;

(b) require the credit union to refrain from making, or to realise within a specified period, investments of a specified class or description;

(c) specify, with respect to all loans which the credit union may make, the maximum amount of secured and unsecured loans which the credit union may make to its members, or the security or types of security which the credit union must require in respect of secured loans to its members;

(d) require the credit union to establish and maintain, with respect to all loans which the credit union may make, such ratio or ratios regarding loans to shares or loans to savings as may be specified;

and, in this subsection and subsection (4), “specified” means specified by regulatory directions.

(4) Subject to any express provision in subsection (3), regulatory directions—

(a) may be expressed to have effect, either generally or with respect to specified matters, for a specified period or until varied or revoked; and

(b) may make different provision for different classes of case (but not so as to make different provision for members, investments or loans within the same class).

(5) The giving of any regulatory directions shall not preclude a credit union—

(a) from receiving funds by way of voluntary non-repayable donation from its members or from such other person as may be approved by the Registrar; or

(b) from setting off to any extent a member's share capital against his indebtedness to the credit union (such a setoff being regarded as a repayment of share capital).

88. —(1) When the Registrar gives any regulatory directions to a credit union, he shall—

(a) serve the directions at the registered office of the credit union or cause the directions to be so served; and

(b) send notice of the giving of the directions to every member of the board of directors and of the Supervisory Committee of the credit union;

but a failure to send notice as mentioned in paragraph (b) to a member of the board or of the Supervisory Committee shall not affect the validity of the directions.

(2) The Registrar may, if he thinks fit, cause to be published in Iris Oifigiúil, or in any other manner which appears to him to be necessary for informing the public, notice of the giving of any regulatory directions and of their amendment or revocation.

(3) The Fourth Schedule shall have effect with respect to regulatory directions.

(4) While any regulatory directions are in force with respect to a credit union, then, except with the leave of the Court—

(a) no winding up proceedings may be commenced in relation to the credit union except in accordance with the Fourth Schedule and no resolution may be passed for winding it up;

(b) no receiver may be appointed over the whole or any part of the property of the credit union; and

(c) none of the property of the credit union may be attached, sequestered or distrained upon.

(5) Where the Court is satisfied that it is desirable, because of the nature or circumstances of the case or otherwise in the interest of justice, the whole or any part of any proceedings under this section or the Fourth Schedule may be heard otherwise than in public.

(6) A credit union which fails to comply with any regulatory directions given to it shall be guilty of an offence and liable—

(a) on summary conviction, to a fine not exceeding £1,000; and

(b) on conviction on indictment, to a fine not exceeding £25,000.

89. —(1) Where, on an application made by the Registrar, the Court is of the opinion that there has occurred or is occurring—

(a) a contravention of this Act,

(b) a failure to comply with a direction under section 86 or any regulatory directions, or

(c) a failure to comply with a condition imposed on granting an approval application, within the meaning of section 49 ,

the Court may, by order, prohibit the continuance of the contravention or failure by the person or persons concerned or, in the case of paragraph (c), require the cessation of the provision of the additional services to which the approval application related.

(2) When considering an application under this section, the Court may make such interim or interlocutory order as it considers appropriate.

(3) Where the Court is satisfied, because of the nature or circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of proceedings under this section may be held otherwise than in public.

(4) The provisions of this section are without prejudice to the general functions of the Registrar.

Inspections and information

90. —(1) The Registrar may authorise any person, including a body of credit unions, to carry out, when requested by the Registrar, an inspection under this section; and in this section—

(a) “an authorised person” means a person so authorised or, as the case may require, a person nominated by a body of credit unions which is so authorised; and

(b) in relation to an authorised person, “his authorisation” means the relevant authorisation of the Registrar, together, in the case of a person nominated by a body of credit unions, with his nomination.

(2) By his request for an inspection under this section, the Registrar may set such limits and conditions on the scope and conduct of the inspection as he considers appropriate; and, in carrying out the inspection, the powers of the authorised person under the following provisions of this section shall be limited accordingly.

(3) An authorised person requested by the Registrar to carry out an inspection under this section may, on production of his authorisation to any person concerned, at all reasonable times inspect and take copies of, or extracts from, any books or documents relating to a credit union, and for any of those purposes may enter any premises at which any such books or documents are kept.

(4) For the purpose of exercising his powers under subsection (3) to take copies or extracts, an authorised person may remove from the premises concerned, for such period and on such conditions (if any) as to access by officers of the credit union as may reasonably be necessary, any of the books or documents referred to in that subsection.

(5) An authorised person who is carrying out an inspection under this section in relation to a credit union (“the principal credit union”) may, with the approval of the Registrar (and subject to any limits imposed by that approval), carry out a similar inspection in relation to any other body (whether a credit union or not and whether corporate or unincorporated) which is or has at any relevant time been associated with the principal credit union, and for that purpose the authorised person may exercise, in relation to any such body, any power conferred by subsections (3) and (4).

(6) Where an inspection is carried out under this section, the authorised person shall make a report of the inspection to the Registrar.

91. —(1) If required to do so by notice in writing served by the Registrar at any time or by an authorised person in the course of an inspection under section 90 —

(a) a credit union,

(b) any person who is or has been an officer, member, voluntary assistant, agent or liquidator of a credit union, and

(c) any other person who has in his possession or power any books or documents relating to a credit union,

shall furnish to the Registrar or authorised person such books or documents which relate to the credit union and are in his possession or power and such information relating to the business of the credit union as may be specified in the notice and as may be reasonably required by the Registrar or authorised person in the exercise of his powers under this Act.

(2) If required to do so by a notice in writing served on it by the Registrar or by an authorised person as mentioned in subsection (1), a credit union shall furnish to the Registrar or authorised person a financial statement or periodic financial statements in such form and containing such information as may be specified in the notice and as may be reasonably required by the Registrar or authorised person in the exercise of his powers under this Act.

(3) If a notice under subsection (1) or subsection (2)—

(a) requires that any item or information is to be furnished within a period, or at a time or place specified in the notice, or

(b) requires that any information is to be verified by a statutory declaration,

the credit union or person on whom the notice is served shall not be regarded as complying with the notice unless that requirement is also complied with.

(4) The Registrar or an authorised person may take copies of or extracts from any item produced in compliance with a notice under subsection (1) or subsection (2) and, if so required by the Registrar or an authorised person, the person on whom a notice under subsection (1) was served or, in the case of a statement produced in compliance with a notice under subsection (2), a person who is or has been an officer, member, voluntary assistant, agent or liquidator of the credit union shall provide any explanation which may reasonably be required of an item so produced.

(5) If a person on whom a notice is served under subsection (1) does not have in his possession or under his control any item specified in the notice but has knowledge of its whereabouts, he shall not be regarded as complying with the notice unless he states to the best of his knowledge and belief where the item is and, if so required, verifies that information by a statutory declaration.

(6) The production by any person of any item forming part of the books and documents of a credit union shall not prejudice any lien which that person claims over that item; but nothing in this section shall compel—

(a) the production by a barrister or solicitor of any document containing a privileged communication made by or to him in that capacity; or

(b) the furnishing of information contained in a privileged communication so made.

(7) A credit union or other person failing, without reasonable excuse, to comply with a notice under subsection (1) or subsection (2) shall be guilty of an offence.

(8) If the Registrar considers it just and so requires by notice in writing, all or any of the expenses incurred by him in exercising his powers under subsection (1) shall be met, either wholly or to such extent as he may so require—

(a) out of the funds of the credit union; or

(b) by the officers or former officers of the credit union or any of them;

and any sum which a credit union or other person is required to pay by a notice under this subsection shall be recoverable summarily by the Registrar as a civil debt.

(9) In this section “agent”, in relation to a credit union, includes its bankers, accountants, solicitors, auditors and its financial and other advisers.

92. —(1) Where—

(a) an application is made to the Registrar by not less than 30 members of a credit union, each of whom has been a member of the credit union throughout the period of 12 months ending on the date of the application, or

(b) the Registrar is of the opinion that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union,

the Registrar, as he thinks fit, may appoint one or more inspectors to investigate the affairs of the credit union or may call a special general meeting of the credit union.

(2) The Registrar may, either on the same or on different occasions, both appoint an inspector and call a meeting under subsection (1).

(3) An application under subsection (1)(a) shall be supported by such evidence as the Registrar may require for the purpose of showing that the applicants—

(a) have good reason for requiring the investigation to be made or the meeting to be called; and

(b) are not actuated by malicious motives in their application;

and, if so required by the Registrar, the applicants shall deposit with him, prior to, and as security for the costs of, the investigation or meeting, such sum as he may reasonably require.

(4) If an inspector appointed under this section to investigate the affairs of a credit union (“the principal credit union”) thinks it necessary for the purpose of his investigation to investigate also the affairs of any other body (whether a credit union or not and whether corporate or unincorporated) which is or has at any relevant time been associated with the principal credit union, he may do so with the approval of the Registrar.

(5) Such notice of an application under subsection (1)(a) as the Registrar may require shall be given to the credit union concerned and, where applicable, to any other body whose affairs are to be investigated by virtue of subsection (4).

(6) The Registrar may impose such requirements as he thinks fit in relation to the calling, holding and conduct of a meeting held by virtue of this section and, in relation to such a meeting—

(a) any such requirements shall have effect notwithstanding anything in the rules of the credit union;

(b) without prejudice to the generality, such requirements may include provision as to the time and place of the meeting and the matters to be discussed and determined at the meeting;

(c) the Registrar may appoint a person to be chairman of the meeting but, if he does not do so, the members present at the meeting shall appoint the chairman; and

(d) subject to the preceding provisions of this subsection, the meeting shall have all the powers of a meeting called according to the rules of the credit union.

(7) Before appointing an inspector or calling a meeting under this section, the Registrar shall, if he is of the opinion that it would not be prejudicial to the interests of the members or creditors of the credit union, notify the credit union in writing of the action which he proposes to take and of the grounds on which he proposes to take it and, in such a case, the Registrar shall have regard to any explanatory statement in writing which may be given by the credit union within 14 days from the receipt of the notification.

(8) If the Registrar considers it just and so requires by notice in writing, all or any of the expenses of and incidental to an investigation or meeting under this section shall be met, either wholly or to such extent as he may so require—

(a) out of the funds of the credit union; or

(b) by the members or former members or the officers of the credit union or any of them;

but, in the case of an investigation (in whichever way instituted), the expenses may be defrayed in the first instance by the Registrar, but without prejudice to his rights to contribution under section 93 .

93. —(1) The provisions of this section have effect in relation to an investigation under section 92 of the affairs of a credit union or of any such other body as is referred to in subsection (4) of that section; and in the following provisions of this section—

(a) any reference to the inspector, the credit union or the other body shall be construed accordingly; and

(b) “agent ” has the same meaning as in section 91 .

(2) It shall be the duty—

(a) of all the persons who are or have been officers, members, voluntary assistants and agents of the credit union or other body, and

(b) of any other person who the inspector considers is or may be in possession of any information concerning the affairs of the credit union or other body,

to produce to the inspector all accounts, deeds, books, documents or other records (in whatever form) of or relating to the credit union or other body which are in their possession or power, to attend before the inspector and otherwise to give him all assistance in connection with the investigation which they are reasonably able to give.

(3) The inspector may examine on oath the persons referred to in subsection (2)(a) in relation to the affairs of the credit union or other body and may administer an oath accordingly.

(4) If any such person as is mentioned in paragraph (a) or paragraph (b) of subsection (2) fails without reasonable excuse—

(a) to produce to the inspector any book or document which it is his duty to produce, or

(b) to attend before the inspector when required to do so, or

(c) to answer any question put to him by the inspector with respect to the affairs of the credit union or other body,

that person shall be guilty of an offence.

(5) Subject to subsection (6), if the inspector makes an application to the Court on the ground that he thinks it necessary for the purpose of his investigation that a person referred to in subsection (2)(b) should be examined on oath, the Court may order that person to attend and be examined on oath before it on any matter relevant to the investigation; and where the Court orders such an examination—

(a) the inspector may take part in the examination by solicitor or counsel;

(b) the Court may put such questions to the person examined as it thinks fit;

(c) the person examined shall answer all such questions as the Court may put or allow to be put to him, but may at his own cost employ a solicitor (with or without counsel) who shall be at liberty to put to him such questions as the Court may think fit for the purpose of enabling him to explain or qualify any answers given by him; and

(d) notes of the examination shall be taken down in writing and shall be read over to or by, and signed by, the person examined and may thereafter be used in evidence.

(6) Notwithstanding anything in subsection (5)(c), the Court may allow the person examined such costs as, in its discretion, it may think fit, and any costs so allowed shall be paid as part of the expenses of the investigation.

(7) Nothing in this section—

(a) shall compel the production by a barrister or solicitor of any document or other material containing a privileged communication made by him or to him in that capacity or the furnishing of information contained in a privileged communication so made; or

(b) shall require the disclosure by a credit institution of any information as to the affairs of any of its customers other than the credit union or the other body.

(8) Where the expenses of the investigation are defrayed in the first instance by the Registrar in accordance with section 92 (8), the Registrar shall be entitled to be repaid those expenses as follows—

(a) where the investigation results from an application under section 92 (1)(a), by the applicants, to such extent (if any) as the Registrar may direct;

(b) in any case, by the credit union or the other body, to such extent (if any) as the Registrar may direct; and

(c) in any case, by a person convicted of an offence in proceedings instituted as a result of the investigation, to such extent (if any) as the court by which he was convicted may order;

and a person liable under any one of paragraphs (a) to (c) is entitled to contribution from any other person liable under the same paragraph according to the amount of their respective liabilities under it.

94. —(1) An inspector appointed under section 92 may, and shall if the Registrar so requires, make an interim report to the Registrar and on conclusion of the investigation, shall make a final report to the Registrar; but the inspector may at any time in the course of his investigation, without making an interim report, inform the Registrar of matters coming to his knowledge as a result of the investigation.

(2) With respect to any report made to him under this section the Registrar shall—

(a) forward a copy to the Minister;

(b) where the inspector who made the report makes or has made an application to the Court under section 93 (5), furnish a copy to that Court;

(c) if he thinks fit, furnish a copy to the credit union and its auditor and on request and on payment of such fee as he may fix, to any other person who is a member of the credit union or of any other body dealt with in the report by virtue of section 92 (4) or whose interests as a creditor of the credit union or other such body appear to him to be affected; and

(d) if he thinks fit (and the investigation results from an application under section 92 (1)(a)) at the request of the applicants, furnish a copy to them on payment of such fee as may be fixed by him.

(3) The Minister may lay the report under subsection (1) before each House of the Oireachtas and such publication shall be privileged; and the Registrar may, if he thinks fit, cause a report which is not so laid to be printed and published.

(4) Where it appears to the Registrar that any person has, in relation to the credit union or other body the affairs of which have been investigated under section 92 , been guilty of any offence for which he is criminally liable, the Registrar shall refer the matter to the Director of Public Prosecutions.

(5) Where the Director of Public Prosecutions institutes proceedings consequent on the receipt by him of a report under subsection (4), it shall be the duty of all officers, members, voluntary assistants and agents of the credit union or other body (other than the defendants in the proceedings) to give him all assistance in connection with the prosecution which they are reasonably able to give.

(6) Where it appears to the Registrar after consideration of an inspector's report under subsection (1) that it is expedient to do so, he may, unless the credit union is being wound up by the Court, petition the Court for an order to wind up the credit union under section 134 .

(7) Where it appears to the Registrar after consideration of an inspector's report under subsection (1) that proceedings ought in the public interest to be brought by the credit union for damages, in respect of any fraud, misfeasance or other misconduct in connection with the promotion or formation of the credit union or the management of its affairs, or for the recovery of any property misapplied or wrongfully retained, he may bring proceedings for that purpose in the name of the credit union.

(8) The Minister may indemnify the credit union against any costs or expenses incurred by it in, or in connection with, any proceedings brought under subsection (7).

(9) A copy of any report of an inspector appointed under section 92 shall be admissible in any legal proceedings as evidence of the opinion of the inspector in relation to any matter contained in the report.

(10) Expressions to which a meaning is assigned by section 93 (1) have the same meaning in this section.

Supervisory powers

95. —(1) Where the Registrar is of the opinion, after an inspection under section 90 or after an investigation under section 92 , that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union, he may appoint a person to be a member of the board of directors of the credit union; but a person so appointed shall not be entitled to vote at any meeting of the board and shall be left out of account for the purposes of any provision of this Act relating to the minimum or maximum number of directors of a credit union.

(2) Without prejudice to the generality of subsection (1), before exercising a power conferred on him by this section, the Registrar shall have regard to any financial transactions which have been undertaken, or are in the course of being undertaken, by the credit union and which, in the Registrar's opinion, are likely to be prejudicial to the interest of the orderly and proper regulation of the business of the credit union.

(3) A person appointed under this section shall hold office for such period and on such terms as the Registrar may specify and, on the expiry of such a period, the Registrar may renew the appointment for such period or periods as he may specify.

(4) Notwithstanding anything in section 68 , all expenses of and incidental to the appointment of a person under this section shall be defrayed out of the funds of the credit union, or by the members (or former members) or officers of the credit union, in such proportions as the Registrar shall direct.

(5) An officer, member, voluntary assistant or agent of a credit union shall at all times give all information required by a person appointed under this section for the full and satisfactory performance of his duties; and for this purpose section 91 shall apply as if any reference therein to the Registrar included a reference to a person appointed under this section.

(6) A person appointed under this section shall report to the Registrar, in such manner and with such frequency as the Registrar may direct, on the affairs of the credit union.

(7) No claims shall lie against the Registrar, the Minister or the State in respect of any act or omission on the part of a person appointed under this section to be a member of the board of directors of a credit union.

96. —(1) Where the Registrar is of the opinion, after an inspection under section 90 or after an investigation under section 92 , that it is necessary to do so in the interest of the members or creditors of a credit union or of the orderly and proper regulation of the business of a credit union, he may—

(a) remove from office, or

(b) suspend from office for such period not exceeding three months as the Registrar considers appropriate,

all or any of the directors or members of the Supervisory Committee of the credit union.

(2) The Fifth Schedule to this Act shall have effect where the Registrar has removed or suspended a director or member of the Supervisory Committee of a credit union under subsection (1); and in that Schedule—

(a) references to removal or suspension shall be construed accordingly; and

(b) “member” means a member of the Supervisory Committee.

(3) Where the Court is satisfied, because of the nature or circumstances of the case or otherwise in the interests of justice, that it is desirable, the whole or any part of any proceedings under the Fifth Schedule may be heard otherwise than in public.

(4) Where any director or member of the Supervisory Committee of a credit union is removed by the Registrar under this section or by the Court under the Fifth Schedule , the vacancy caused by the removal shall be treated as a casual vacancy.

(5) If the Court so declares, a director or member of the Supervisory Committee of a credit union who is removed as mentioned in subsection (4) shall not, for a period of five years from the date when the removal takes effect, be an officer, auditor or voluntary assistant of a credit union.

(6) Where any director or member of the Supervisory Committee of a credit union is suspended under this section, the remaining directors or members of the Supervisory Committee shall be regarded as constituting the board of directors or the Supervisory Committee, as the case may be.

(7) No claim shall lie against the Registrar, the Minister or the State for any loss of office arising directly or indirectly from any of the provisions of this section or the Fifth Schedule .

97. —(1) Subject to the provisions of this section and section 98 (2), the Registrar may, by writing under his hand, cancel the registration of a credit union—

(a) if at any time it is proved to his satisfaction—

(i) that the number of the members of the credit union has been reduced to less than 15; or

(ii) that an acknowledgement of registration has been obtained by fraud or mistake; or

(iii) that the credit union has not commenced business within 12 months of the date on which it was registered; or

(iv) that the credit union has suspended its business for a period of not less than six months or has ceased to function;

(b) if he thinks fit, at the request of the credit union, to be evidenced in such manner as he shall from time to time direct;

(c) on proof to his satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the Registrar violated any of the provisions of this Act;

(d) where it appears to him that the members of the credit union no longer have a common bond.

(2) The Registrar shall cancel the registration of a credit union that has been—

(a) dissolved by virtue of section 128 or 129 ; or

(b) wound up under section 133 or section 134 , or dissolved under section 135 .

(3) Before the registration of a credit union is cancelled otherwise than—

(a) at its own request; or

(b) by virtue of subsection (2),

the Registrar shall give the credit union not less than two months' previous notice in writing, specifying the ground of any proposed cancellation; and if, before the expiry of the period of that notice, the credit union duly lodges an appeal under section 99 (1), then, without prejudice to section 98 (2), the credit union's registration shall not be cancelled before the date of the determination or abandonment of the appeal.

(4) Notice of every cancellation under this section of a credit union's registration shall, as soon as practicable after it takes place, be published in Iris Oifigiúil and in any other manner which the Registrar considers necessary for bringing the cancellation to the notice of the persons affected by it.

(5) From the date of publication in Iris Oifigiúil under subsection (4) of a notice of the cancellation of a credit union's registration, the credit union shall cease to be entitled to any of the privileges of this Act as a credit union.

(6) Subsection (5) is without prejudice to any liability incurred by a credit union before the cancellation of its registration; and any such liability may be enforced against it as if the cancellation had not taken place.

98. —(1) In any case where, under section 97 (1), the Registrar might cancel the registration of a credit union, he may, by writing under his hand—

(a) subject to subsection (3), suspend the registration of the credit union for a term not exceeding three months; and

(b) subject to section 99 (2), renew any such suspension for a similar term.

(2) If, before the expiry of the period of a notice under section 97 (3) of the proposed cancellation of a credit union's registration, the credit union duly lodges an appeal from the proposed cancellation under section 99 (1), the Registrar may by writing under his hand suspend the credit union's registration from the expiry of that period until the date of the determination or abandonment of the appeal.

(3) Before the registration of a credit union is suspended under subsection (1)(a), the Registrar shall give the credit union not less than two months' previous notice in writing specifying the ground of the proposed suspension.

(4) Notice of every suspension of a credit union's registration under subsection (1)(a) or subsection (2) and of any renewal of a suspension under subsection (1)(b) shall, as soon as practicable after it takes place, be published in Iris Oifigiúil and in any other manner which the Registrar considers necessary for bringing the suspension to the notice of persons affected by it.

(5) From the date of publication in Iris Oifigiúil under subsection (4) of a notice of the suspension of a credit union's registration under subsection (1) (a) or subsection (2) until the period of the suspension and any renewal of it under subsection (1)(b) ends (whether on the expiry of that period or by virtue of an appeal under section 99 ), the credit union shall not be entitled to any of the privileges of this Act as a credit union.

(6) Notwithstanding subsection (5), the suspension of the registration of a credit union shall not affect—

(a) any liability incurred by the credit union before the suspension; or

(b) the right of the credit union to continue to collect repayments due on loans which were outstanding at the time of the suspension.

99. —(1) Where the Registrar gives notice to a credit union under section 97 (3) or section 98 (3) of the proposed cancellation or suspension of its registration, the credit union may, before the expiry of that notice, appeal to the Court against the Registrar's proposal.

(2) If the Registrar, under section 98 (1)(b), renews the suspension of the registration of a credit union so that the suspension will extend beyond the period of three months from the date when the suspension began, the credit union may, within 30 days from the date of publication under section 98 (4) of notice of the renewal of the suspension, appeal to the Court against the renewal.

(3) Notice of an appeal under this section shall be in writing and shall set out the grounds for the appeal.

Administrative Provisions

100. —(1) The Registrar shall prepare and maintain at the Office of the Registrar of Friendly Societies a file relating to each credit union, to be known as the public file of the credit union; and each file shall contain—

(a) the documents or, as the case may be, the copies of documents, and

(b) the records of the matters,

which may be directed by or under this Act to be kept in the public file of a credit union.

(2) Without prejudice to subsection (1), there shall be placed on the public file of a credit union a copy of—

(a) all special resolutions passed by the credit union;

(b) any instrument of transfer of engagements under section 129 by which the credit union transfers its engagements or undertakes to fulfil the engagements of another credit union;

(c) any order winding up the credit union or an instrument of dissolution under section 135 ;

(d) any administration order under section 137 made with respect to the credit union;

(e) any order (including an interim order) made by a Court with respect to the credit union under Part XII ; and

(f) any other prescribed document relating to the credit union.

(3) Any member of the public shall be entitled—

(a) to inspect the public file of any credit union during normal business hours; and

(b) having first given reasonable notice, to be furnished with a copy of all or any of the documents or records kept in the public file of a credit union.

101. —(1) The Minister may prescribe the fees to be paid—

(a) for the inspection, or for the furnishing of copies, of any document in the custody of the Registrar;

(b) for the placing of any document on the public file of a credit union; and

(c) in connection with the exercise by the Registrar of any of his functions under this Act.

(2) Fees paid to the Registrar under this Act shall be paid into or disposed of for the benefit of the Exchequer in such manner as the Minister for Finance may direct.

102. —Where, under this Act, any information relating to any person is required to be delivered to the Registrar and is so received by him, the Registrar may apply such system of classification as he considers appropriate to such information and may assign symbols of identification to persons or classes of persons to whom any such information relates.

103. —(1) This section applies to the delivery to the Registrar under any provision of this Act of documents in legible form.

(2) The document must—

(a) state in a prominent position the registered number of the credit union to which it relates,

(b) satisfy any requirements specified by the Registrar for the purposes of this section as to the form and content of the document, and

(c) conform to such requirements as may be so specified for the purpose of enabling the Registrar to copy the document.

(3) If a document is delivered to the Registrar which does not comply with the requirements of this section, he may serve on the person by whom the document was delivered (or, if there are two or more persons, on any of them) a notice indicating the respect in which the document does not comply.

(4) Except with the consent of the Minister, the Registrar may not serve a notice under subsection (3) after the expiry of three months from the date on which he receives the document to which the notice relates.

(5) Where the Registrar serves notice under subsection (3), then, unless a replacement document—

(a) is delivered to him within 28 days after the service of the notice, and

(b) complies with the requirement of this section or is not rejected by him for failure to comply with those requirements,

the original document shall be deemed not to have been delivered to him.

(6) For the purposes of any provision imposing a penalty for failure to deliver a document, so far as it imposes a penalty for continued contravention, no account shall be taken of the period between the delivery of the original document and the end of the period of 28 days after the service of the Registrar's notice under subsection (3).

(7) In this section, “document” includes any periodic account, abstract, statement or return required to be delivered to the Registrar.

104. —(1) This section applies to the delivery to the Registrar under any provision of this Act of documents otherwise than in legible form (whether by electronic means or otherwise).

(2) Any requirement to deliver a document to the Registrar, or to deliver a document in the prescribed form, shall be satisfied by the communication to the Registrar of the requisite information in any non-legible form specified by the Registrar for the purposes of this section.

(3) Any document which (in legible form) would be required to be signed or sealed, shall instead be authenticated in such manner as may be specified by the Registrar for the purposes of this section.

(4) The document must—

(a) contain in a prominent position the registered number of the credit union to which it relates,

(b) satisfy any requirements specified by the Registrar for the purposes of this section, and

(c) be furnished in such manner and conform to such requirements as may be so specified for the purposes of enabling the Registrar to read and copy the document.

(5) If a document is delivered to the Registrar which does not comply with the requirements of this section, he may serve on the person by whom the document was delivered (or if there are two or more such persons, on any of them) a notice indicating the respect in which the document does not comply.

(6) Except with the consent of the Minister, the Registrar may not serve a notice under subsection (5) after the expiry of three months from the date on which he receives the document to which the notice relates.

(7) Where the Registrar serves a notice under subsection (5), then, unless a replacement document—

(a) is delivered to him within 28 days after the service of the notice, and

(b) complies with the requirement of this section or is not rejected by him for failure to comply with those requirements,

the original document shall be deemed not to have been delivered to him.

(8) For the purposes of any provision imposing a penalty for failure to deliver a document, so far as it imposes a penalty for continued contravention, no account shall be taken of the period between the delivery of the original document and the end of the period of 28 days after the service of the Registrar's notice under subsection (5).

(9) The Minister may by regulations make further provision with respect to the application of this section in relation to instantaneous forms of communication.

(10) In this section “document” includes any periodic account, abstract, statement or return required to be delivered to the Registrar.

105. —In the absence of the Registrar, his functions may be exercised and performed by such person as the Minister may for the time being authorise.

106. —(1) Not later than the end of September in each year, the Registrar shall make a report to the Minister with respect to the exercise of his functions under this Act.

(2) As soon as possible after the receipt of a report from the Registrar under subsection (1), the Minister shall lay a copy of the report before each House of the Oireachtas.