CREDIT UNION ACT, 1997

FIRST SCHEDULE Matters to be Provided for in Rules of Credit Union

Matters to be Provided for in Rules of Credit Union

Section 13.

1. The name of the credit union, which shall comply with section 10.

2. The objects of the credit union which shall comply with section 6 (1) (a).

3. The place which is to be the registered office of the credit union to which all communications and notices to the credit union may be addressed.

4. The qualifications required for, and the terms of, admission to membership of the credit union, including any special provision for the insurance of members in relation to their shares.

5. The mode of holding meetings and the method of notice, including provision as to the quorum necessary for the transaction of any description of business, and the mode of making, altering or rescinding rules.

6. The appointment and removal of the board of directors, the Supervisory Committee and any principal Committee and of other officers and their respective powers and remuneration.

7. Determination (subject to section 27 (4)) of the maximum amount of the interest in the shares of the credit union which may be held by any member.

8. Provision for the mode of withdrawal of shares and payment of the balance due on shares on withdrawing from the credit union.

9. The mode and circumstances in which loans to members are to be made and repaid, including any special provision for the insurance of members in relation to loans made to them.

10. Provision for the custody and use of the credit union's seal.

11. Provision for the audit of accounts by one or more auditors appointed by the credit union.

12. Whether disputes between the credit union and any of its members, or any person claiming by or through any member or under the rules, shall be settled by reference to the Circuit Court, arbitration or the Registrar.

13. Provision for the withdrawal of members from the credit union and for the claims of the representatives of deceased members or the assignees or trustees of the property of bankrupt members and for the payment of nominees.

SECOND SCHEDULE Form of Receipt

Form of Receipt

Section 42.

...................... Limited hereby acknowledges that it has this ........ day of ..............., 19......... received the sum of ..............., representing all money intended to be secured by the [within (or above) written] [annexed] deed [and by a further charge dated, etc., or otherwise as required].

) Board of Directors

)

)

) Secretary

THIRD SCHEDULE Credit Committee, Credit Control Committee and Membership Committee

Credit Committee, Credit Control Committee and Membership Committee

Section 67.

1. The membership of a credit committee, credit control committee and membership committee shall include at least one director.

2. A credit committee, credit control committee and membership committee shall—

(a) meet as often as necessary to carry out their functions;

(b) submit a written report to the board of directors at each meeting of the board; and

(c) comply with any instruction of the board of directors.

3. A credit committee shall have not less than three members and a member of the credit control committee, the credit control officer or a credit officer shall not be eligible for membership.

4. A credit control committee shall have not less than three members and a member of the credit committee, the credit control officer or a credit officer shall not be eligible for membership.

5. A membership committee shall have not less than one member.

6. If a director of a credit union who is a member of—

(a) the credit committee, or

(b) the credit control committee, or

(c) the membership committee,

ceases to hold the office of a director, he shall thereupon cease to be a member of the committee in question and, if he held the office of chairman, vice-chairman, treasurer or secretary of that committee, he shall also thereupon cease to hold that office.

FOURTH SCHEDULE Supplementary Provisions in Relation to Regulatory Directions

Supplementary Provisions in Relation to Regulatory Directions

Section 88.

1. The Registrar may not revoke a regulatory direction if an order under paragraph 3 has been made by the Court in respect of the direction.

2. A credit union to which a regulatory direction has been given may apply to the Court for, and the Court may grant, an order setting aside the direction.

3. The Registrar may apply to the Court for, and the Court may grant, an order confirming a regulatory direction or confirming it and, subject to paragraph 5, extending the period of its operation for such time as the Court, having regard to all the circumstances, may consider appropriate.

4. In addition to or in lieu of an order under paragraph 3, the Court may make such other order in the case as may appear to it to be necessary, including an order directing any person who holds money or other assets for or on behalf of the credit union, or a person specified in the order, not to dispose of any of those assets except on such conditions and in such circumstances as are so specified.

5. A regulatory direction which has been confirmed by the Court shall terminate when whichever of the following first occurs—

(a) the end of the period of operation specified by the Court;

(b) the making by the Court of an order for termination on the application of the Registrar;

(c) the making of a winding up order in respect of the credit union;

(d) the making by the Court of an order for termination where the Court considers that the circumstances that gave rise to the direction have ceased to exist and that it would be unjust and inequitable not to make the order.

6. If the Registrar forms 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 which gave rise to the direction are unlikely to be rectified, the Registrar shall forthwith apply to the Court for, and the Court may grant, an order directing the credit union—

(a) to prepare, in consultation with the Registrar, a scheme for the orderly termination of its business and the discharge of its liabilities to its members and creditors under the supervision of the Registrar; and

(b) to submit that scheme to the Court within two months for approval.

7. The Court shall not approve the terms of a scheme under paragraph 6 without hearing the Registrar and, in the event of dispute about the terms of the scheme, the Registrar or the credit union may apply to the Court to adjudicate on the matter.

8. If a credit union fails to comply with an order of the Court under paragraph 6 or fails to adhere to a scheme approved by the Court, the Registrar may apply to the Court for, and the Court may make, such further order as it considers appropriate, including an order for the winding up of the credit union on the ground that it is just and equitable that it be wound up.

9. The Court may by order revoke or amend an order (except an order under paragraph 5) made by it under this Schedule.

10. Where any regulatory directions are in force with respect to a credit union—

(a) the credit union shall take all necessary steps to secure that its assets, wherever held, are not depleted without the prior authorisation of the Registrar; and

(b) the Registrar may apply to the Court for an order directing a bank or any institution exempt under section 7 of the Central Bank Act, 1971, which holds an account of the credit union to suspend the making of payments from the account for such time as the Court may, having regard to all the circumstances, consider appropriate; and

(c) the credit union shall make reasonable arrangements for using its funds to meet applications (duly made in accordance with its rules) by members for repayment of moneys subscribed or deposited by them; and

(d) if it appears to the Registrar that the credit union has been applying an undue proportion of its funds in making loans, in preference to making such arrangements as are referred to in paragraph (c), the Registrar, after giving notice to the credit union and affording it an opportunity of making representations, may apply to the Court for the winding up of the credit union.

FIFTH SCHEDULE Supplementary Provisions as to Removal or Suspension by the Registrar of Directors and Members of Supervisory Committee

Supplementary Provisions as to Removal or Suspension by the Registrar of Directors and Members of Supervisory Committee

Section 96.

1. (1) Any director or member who has been removed may apply to the Court for an order setting aside the removal.

(2) On an application under subparagraph (1), the Court may make—

(a) an order setting aside the removal; or

(b) an order confirming the removal; or

(c) such other order as may appear to the Court to be necessary.

2. The Registrar may apply to the Court for, and the Court may grant, an order confirming the removal.

3. (1) In addition to or in lieu of making an order under paragraph 2, the Court may make such other order in the case as may appear to it to be necessary, including an order removing from office any director or member of the credit union.

(2) The Court shall not make an order under subparagraph (1) without giving the director or member concerned an opportunity to be heard.

4. The Court may by order revoke or vary an order made by it under this Schedule.

5. Unless an order has been made by the Court in respect of a removal, the Registrar may at any time revoke the removal.

6. (1) Any director or member who has been suspended may apply to the Court for, and the Court may grant, an order setting aside the suspension.

(2) On an application under subparagraph (1), the Court may make—

(a) an order setting aside the suspension;

(b) an order confirming the suspension; or

(c) such other order as may appear to the Court to be necessary.

7. The Registrar may apply to the Court for, and the Court may grant, an order confirming a suspension or confirming it and extending the period of its operation for such time, not exceeding six months from the date the suspension took effect, as the Court may consider appropriate.

8. (1) In addition to or in lieu of making an order under paragraph 7, the Court may make such other order in the case as may appear to it to be necessary, including an order removing from office any director or member of the credit union.

(2) The Court shall not make an order under subparagraph (1) without giving the director or member concerned an opportunity to be heard.

9. A suspension which has been confirmed by the Court shall terminate when whichever of the following first occurs—

(a) the end of the period of operation specified by the Court;

(b) the making by the Court of an order for termination on the application of the Registrar;

(c) the making of a winding up order in respect of the credit union;

(d) the making by the Court of an order for termination where the Court considers that the circumstances that gave rise to the suspension have ceased to exist and that it would be unjust and inequitable not to make the order.

10. The Court may by order revoke or vary an order made by it under this Schedule.

11. Unless an order has been made by the Court in respect of a suspension, the Registrar may at any time revoke the suspension.