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Number 34 of 2023
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CREDIT UNION (AMENDMENT) ACT 2023
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CONTENTS
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Section
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1. Short title and commencement
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2. Definition
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3. Amendment of section 2 of Principal Act (interpretation)
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4. Amendment of section 6 of Principal Act (conditions for registration as a credit union)
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5. Amendment of section 7 of Principal Act (application for registration as a credit union)
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6. Amendment of section 13 of Principal Act (rules)
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7. Amendment of section 14 of Principal Act (amendment of registered rules)
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8. Amendment of section 15 of Principal Act (rules to bind members)
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9. Amendment of section 17 of Principal Act (requirements of, and qualifications for, membership)
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10. Amendment of section 19 of Principal Act (expulsion and withdrawal from credit union)
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11. Amendment of section 21 of Principal Act (nomination of property in credit union)
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12. Amendment of section 22 of Principal Act (proceedings on death of nominator)
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13. Amendment of section 23 of Principal Act (provision for small payments on death)
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14. Amendment of section 29 of Principal Act (transfer of shares)
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15. Amendment of section 30 of Principal Act (dividends on shares)
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16. Amendment of section 32 of Principal Act (restrictions on withdrawal of shares and deposits)
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17. Amendment of section 33 of Principal Act (power to borrow)
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18. Amendment of section 35 of Principal Act (making of loans)
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19. Amendment of section 36 of Principal Act (approval of loans)
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20. Amendment of section 37 of Principal Act (appeal against non-approval of loan)
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21. Amendment of section 37B of Principal Act (credit agreement in respect of loans exceeding €200)
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22. Amendment of section 38 of Principal Act (interest on loans)
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23. Amendment of section 42 of Principal Act (receipt for repayment of secured debt)
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24. Amendment of section 43 of Principal Act (investments)
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25. Amendment of section 48 of Principal Act (power to provide additional services)
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26. Referral to another credit union
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27. Amendment of section 53 of Principal Act (board of directors)
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28. Amendment of section 54 of Principal Act (directors: procedural divisions)
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29. Amendment of section 55 of Principal Act (functions of board of directors)
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30. Amendment of section 55A of Principal Act (chair of board of directors, etc.)
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31. Amendment of section 56B of Principal Act (nomination committee)
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32. Amendment of section 57 of Principal Act (directors: supplemental provisions)
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33. Amendment of section 63 of Principal Act (officers: principal posts)
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34. Amendment of section 63A of Principal Act (manager of credit union)
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35. Amendment of section 65 of Principal Act (credit officer and credit control officer)
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36. Amendment of section 66 of Principal Act (officers: suspension and removal by Supervisory Committee)
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37. Amendment of section 66C of Principal Act (reporting to Bank)
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38. Amendment of section 67 of Principal Act (credit, credit control and membership committees)
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39. Amendment of section 68 of Principal Act (limitation of remuneration)
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40. Amendment of section 72 of Principal Act (persons disqualified from acting)
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41. Amendment of section 76 of Principal Act (inspection of books)
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42. Amendment of section 76B of Principal Act (risk management systems and systems and control)
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43. Amendment of section 76F of Principal Act (records management)
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44. Amendment of section 76J of Principal Act (outsourcing)
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45. Amendment of section 76K of Principal Act (internal audit)
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46. Amendment of section 76N of Principal Act (election of board oversight committee)
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47. Amendment of section 76O of Principal Act (board oversight committee: procedural provisions)
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48. Amendment of section 77 of Principal Act (the organisation meeting)
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49. Amendment of section 78 of Principal Act (the annual general meeting)
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50. Amendment of section 80 of Principal Act (notice of general meetings)
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51. Amendment of section 81 of Principal Act (general meetings: adjournment, quorum and minutes)
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52. Amendment of section 82 of Principal Act (supplementing provisions as to general meetings)
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53. Amendment of section 82A of Principal Act (proxies)
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54. Amendment of section 87 of Principal Act (power of Bank to give regulatory directions)
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55. Amendment of section 88 of Principal Act (procedural provisions relating to regulatory directions)
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56. Amendment of section 92 of Principal Act (investigations and calling of meetings)
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57. Amendment of section 111 of Principal Act (annual accounts)
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58. Amendment of section 120 of Principal Act (auditor’s report, right of access and to be heard)
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59. Amendment of section 125 of Principal Act (settlement of disputes)
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60. Amendment of section 126 of Principal Act (arbitration and procedural matters)
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61. Amendment of section 129 of Principal Act (transfer of engagements between credit unions)
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62. Amendment of section 134 of Principal Act (winding up under the Companies Acts)
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63. Amendment of section 136 of Principal Act (restriction on dissolution or cancellation of registration)
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64. Amendment of section 161 of Principal Act (proposals for compromise or scheme of arrangement)
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65. Delivery of notices etc.
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66. Disapplication of certain provisions to corporate credit unions
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67. Amendment of First Schedule to Principal Act
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68. Insertion of Sixth Schedule to Principal Act
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Acts Referred to
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Companies Act 2014
(No. 38)
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Credit Union Act 1997
(No. 15)
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Industrial and Provident Societies Act 1893
(56 & 57 Vict., c. 39)
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Number 34 of 2023
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CREDIT UNION (AMENDMENT) ACT 2023
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An Act to provide for the establishment of corporate credit unions; to amend the requirements and qualifications for membership of credit unions; to alter the scope of permitted investments by credit unions; to provide for changes to the governance of credit unions; to provide for the setting of maximum interest rates on loans by credit unions; to provide for the provision of services by credit unions to members of other credit unions; to provide for the participation by credit unions in loans to members of other credit unions; and for those purposes to amend the
Credit Union Act 1997
; and to provide for related matters.
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[13th December, 2023]
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Be it enacted by the Oireachtas as follows:
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