Legalize / Ireland / Act

CREDIT UNION ACT, 1997

Type Act

Publication 1997-05-03

Last updated 2025-09-30

State Partially repealed

Text Latest available text

Source Irish Statute Book

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articles 234

This is the most recent text the official source publishes. It is not a snapshot of the law as it stood on the date of each change.

38 amending acts · 2025-09-30, revised-IE-1997-act-15@2025-09-30

Act to make new provision in relation to credit unions and for connected purposes

Reform history JSON API

76L. F227[Board oversight committee.

76L.— Every credit union shall have a committee (in this Act referred to as a "board oversight committee") which shall—

(a) consist of 3 or 5 members elected in accordance with section 76N, and

(b) exercise the functions assigned to it by this Part.]

76M. F228[Functions of board oversight committee.

76M.— A board oversight committee of a credit union shall assess whether the board of directors has operated in accordance with—

(a) Part IV, this Part and any regulations made for the purposes of Part IV or this Part, and

(b) any other matter prescribed by the Bank in respect of which they are to have regard to in relation to the board of directors.]

76N. F229[Election of board oversight committee, etc.

76N.— (1) The board oversight committee of a credit union shall be elected—

(a) where the organisation meeting occurs after the commencement of this provision, F230[from among the members, by secret ballot at the organisation meeting] and, subject to section 76R(4), subsequent vacancies on the board oversight committee shall be F230[filled, from among the members, by secret ballot at an annual general meeting],

(b) F230[in any other case, from among the members,] by secret ballot at the annual general meeting first occurring after the commencement of this provision or, if earlier than that annual general meeting, at a special general meeting called for the purpose of such ballot and, subject to section 76R(4), subsequent vacancies on the board oversight committee shall be F230[filled, from among the members, by secret ballot at an annual general meeting].

(2) If a casual vacancy arises in the membership of a board oversight committee, then—

(a) within one month of the vacancy arising, the Committee shall appoint a person (who may, if the Committee thinks fit, be a former member of the Committee) other than a person to whom subsection (4), (5) or (6) relates to fill the vacancy, and

(b) the person so appointed shall hold office until the next general meeting at which an election is held for members of the board oversight committee.

(3) Where the secretary of the board oversight committee becomes aware that all the members of the committee intend to resign on the same date, the secretary shall give written notice of their intention to the Bank and the board of directors of the credit union.

(4) A credit union shall not elect under subsection (1) any of the following persons to be a member of its board oversight committee:

(a) an employee or voluntary assistant of the credit union or an employee of any other credit union;

(b) a member of the board oversight committee of any other credit union;

(c) an employee of a representative body of which the credit union is a member, where that employee’s role could expose them to a potential conflict of interest;

(d) a public servant (within the meaning of the Financial Emergency Measures in the Public Interest Act 2009) assigned to the Department of Finance and involved in advising the Minister on credit union issues or in the examination of credit union issues;

(e) a member of the Commission of the Bank;

(f) an officer (within the meaning of section 2 of the Central Bank Act 1942) or other employee of the Bank and involved in the regulation of credit unions;

(g) Financial Services Ombudsman (within the meaning of section 2 of the Central Bank Act 1942) or a Bureau staff member (within the meaning of section 57BA of that Act);

(h) a member of the Irish Financial Services Appeals Tribunal or a member of its staff (including the Registrar);

(i) the chief executive of the National Consumer Agency, an authorised officer of that Agency (within the meaning of section 2 of the Consumer Protection Act 2007) or any other member of its staff;

(j) the auditor of the credit union or a person employed or engaged by that auditor;

(k) a solicitor or other professional adviser who has been engaged by or on behalf of the credit union within the previous 3 years;

(l) a person who is a spouse or civil partner, cohabitant, F230[parent, sibling or child], of a director, board oversight committee member or employee of that credit union;

(m) a body corporate;

(n) a person who is not of full age;

(o) a director of the credit union.

(5) A person shall resign from being a member of the board oversight committee of a credit union if and when he or she becomes a person to whom any of the provisions of subsection (4) relates.

(6) A board oversight committee member may not be appointed or reappointed to the board oversight committee if he or she has served for more than 12 years in the previous 15 years whether on the board of directors or the board oversight committee.

(7) The board oversight committee shall appoint one of their number as secretary of the committee. ]

76O. F231[Board oversight committee: procedural provisions.

76O.— (1) The board oversight committee of a credit union shall hold—

(a) at least one meeting F232[in every 2 months], and

(b) meetings with the board of directors at least 4 times in every year to facilitate it in carrying out the assessment under subsection (2),

and the board oversight committee shall keep minutes of every meeting held by it under paragraphs (a) and (b).

(2) The board oversight committee shall submit, within 2 weeks of any meeting referred to in F232[subsection (1)(b)], a written report to the board of directors on their assessment of whether the board of directors has operated in accordance with Part IV and this Part and any regulations relating to Part IV or this Part.

(3) The board oversight committee shall have access, at all times, to the books and documents (including draft documents) of the credit union to enable it to carry out its functions under the Act.

F232[(4) Members of the board oversight committee shall have the right to attend all meetings of—

(a) the board of directors, and

(b) a committee acting on behalf of the board of directors under section 56A(1).]

(5) The board oversight committee shall ensure at least one of its members attends every meeting of the board of directors.

(6) The board oversight committee may notify the Bank of any concern it has, that the board of directors has not complied with any of the requirements set out in this Part or Part IV, or regulations made thereunder, following a unanimous vote at a meeting of the committee called for the purpose of considering such a notification.]

F233[(7) The board oversight committee shall report to the members at the annual general meeting and, if it thinks fit, at a special general meeting, on whether the board of directors has operated in accordance with Part IV and this Part.]

76P. F234[Board oversight committee: term of office and retirement.

76P.— (1) The term of office of a member of the board oversight committee—

(a) shall begin at the conclusion of the general meeting at which the member is elected,

(b) shall not extend beyond the third subsequent annual general meeting after being so elected, and

(c) subject to the provisions of this Act and all other applicable legal requirements, shall be determined in accordance with the registered rules,

but, except where this Act or any other applicable legal requirement or the registered rules otherwise provides, a retiring member of the committee shall be eligible for re-election.

(2) The rules for retirement from the board oversight committee shall be as follows:

(a) where the committee consists of 3 members, one shall retire at each annual general meeting;

(b) where the committee consists of 5 members, 2 shall retire at each annual general meeting;

(c) subject to paragraph (d), the members to retire at any time shall be those who have served longest since they were last elected;

(d) as between members who were last elected on the same day, the member (or members) to retire shall be determined by agreement or, in default of agreement, by the drawing of lots.]

76Q. F235[Board oversight committee: removal from office.

76Q.— (1) Subject to subsection (2), a credit union may, by resolution of a majority of the members present and voting at a special general meeting called for that purpose, remove a member of the board oversight committee from office.

(2) The secretary of the credit union shall, not less than 21 days before the date of the special general meeting at which it is proposed to move a resolution referred to in subsection (1), give written notice of that meeting to the member concerned.

(3) Where notice is given of a resolution mentioned in subsection (1) and the member of the board oversight committee concerned makes in relation to it representations in writing to the credit union (not exceeding a reasonable length) and requests their notification to the members of the credit union, the credit union shall, subject to subsection (5), (unless the representations are received by it too late to do so)—

(a) in any notice of the proposed resolution given to members of the credit union, state the fact of the representations having been made, and

(b) send a copy of the representations to every member of the credit union to whom notice of the meeting is sent.

(4) Subject to subsection (5), and whether or not copies of any representations made under subsection (3) have been sent in accordance with that subsection, the member of the board oversight committee concerned may require that, without prejudice to that member’s right to be heard orally, the representations made by that member shall be read out at the special general meeting.

(5) Subsections (3) and (4) shall not apply if, on the application either of the credit union or of any person who claims to be aggrieved, the Bank is satisfied that compliance with the subsections would diminish substantially public confidence in the credit union or that the rights conferred by those subsections are being, or are likely to be, abused in order to secure needless publicity for defamatory matter.

(6) A vacancy arising from the removal of a member of a board oversight committee under this section shall be filled in accordance with section 76N(2).]

76R. F236[Board oversight committee: supplementary provision.

76R.— (1) A register of the members of the board oversight committee shall be kept by the secretary of the credit union and shall be signed by each member of the board oversight committee after an annual general meeting or, in the case of a member appointed to fill a casual vacancy, after such member’s appointment.

(2) In the event that the number of members of the board oversight committee falls to less than half the number specified in the registered rules, the secretary of the committee shall forthwith notify the Bank and the board of directors.

(3) The acts of a member of the board oversight committee of a credit union shall be valid notwithstanding any defect in the election or appointment of the member which may subsequently be discovered.

(4) Where any of the following events occur—

(a) the secretary of the board oversight committee has given notice under section 76N(3) that all the members of the committee intend to resign on the same date,

(b) all the members of the board oversight committee have been removed or suspended in accordance with section 96(1), or

then the board of directors shall convene a special general meeting of the credit union, within one month of the occurrence of the event in question, to elect a board oversight committee.

(5) If the special general meeting referred to in subsection (4) is not convened in accordance with that subsection, the Bank may convene such a special general meeting under section 92(1)(b).

(6) A credit union shall meet all such expenses as may be reasonably incurred by its board oversight committee in carrying out its function.]

PART V Meetings, Resolutions etc.

77. The organisation meeting.

77.—(1) Not later than one month after the registration of a credit union, the signatories to the application to register the credit union shall by notice in writing summon a meeting (to be known as “the organisation meeting”) of all the persons who, on the date of issue of the notice, were members of the credit union.

(2) The notice required by subsection (1)—

(a) shall state the date, time and place of the organisation meeting; and

F237[(b) shall, within the relevant period, be delivered to each member of the credit union.]

(3) The reference in paragraph (b) of subsection (2) to the relevant period is a reference to the period which begins 21 days before and ends seven days before the date of the organisation meeting; and the reference in subsection (1) to the date of issue of the notice is a reference to the date or, as the case may be, the first date on which the notice is delivered to any member as mentioned in that paragraph.

78. The annual general meeting.

78.—(1) In respect of each financial year, a meeting (to be known as the “annual general meeting”) of the members of a credit union shall be held F238[at a time, at a place in the State (where applicable) and in the manner (where applicable)] provided for under the rules.

(2) Subject to subsections (3) and (4) F239[and section 78A(2)], the annual general meeting of a credit union in respect of any financial year shall be held in the October, November, December or January following the end of that financial year.

(3) If a credit union fails to hold an annual general meeting in respect of any financial year as required by subsections (1) and (2) F239[or as provided for by section 78A(2), as the case may be,] F240[the Bank may call or require the calling by the credit union of such a meeting] on such date or within such period as F241[it] may specify and give such ancillary or consequential directions as he thinks expedient, including directions modifying or supplementing the operation of the rules of the credit union in relation to the calling, holding and conduct of the meeting.

(4) Where, in the opinion of the F241[Bank], it is necessary to do so—

(a) in the interests of the members or creditors of a credit union, or

(b) in the interests of the orderly and proper regulation of the business of a credit union,

the F241[Bank] may direct the credit union to postpone, for a period not exceeding nine months, the holding of the annual general meeting of the credit union in respect of the financial year specified in the direction.

(5) At each annual general meeting of a credit union, the directors shall lay before the credit union the annual accounts for the financial year in respect of which the meeting is held; and a copy of those accounts shall be delivered, F242[together with the notice of the meeting, to every person entitled under section 80(1) to receive a notice of the meeting].

(6) If, with respect to any annual general meeting, the directors of a credit union fail to comply with subsection (5), every person who was a director at the date of the meeting shall be guilty of an offence.

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

78A. F243[General meetings during interim period.

78A. (1) This section (including any regulations made under section 182(1)(la)) shall apply to the general meetings of a credit union during the interim period only and shall so apply notwithstanding any other provision of this Act or of the rules of the credit union.

(2) The annual general meeting of a credit union for the financial year ended September 2020 may be held at any time during the interim period.

(3) A credit union need not hold a general meeting at a physical venue but may conduct the meeting wholly or partly by the use of electronic communications technology as long as all attendees have a reasonable opportunity to participate in the meeting in accordance with this section.

(4)
(a) A credit union may provide for participation in a general meeting by providing or facilitating, for that purpose, the use of electronic communications technology, including a mechanism for casting votes by a member, whether before or during the meeting.

(b) The mechanism referred to in paragraph (a) shall not require the member to be physically present at the general meeting or require the member to appoint a proxy who is to be physically present at the meeting.

(5) The use of electronic communications technology pursuant to subsection (4) may be made subject only to such requirements or restrictions put in place by the credit union as are necessary to ensure the identification of attendees and the security of the electronic communications technology, to the extent that such requirements or restrictions are proportionate to the achievement of those objectives.

(6) A credit union shall inform attendees, before the general meeting concerned, of any requirements or restrictions which it has put in place pursuant to subsection (5).

(7) A credit union that provides for the use of electronic communications technology for participation in a general meeting by an attendee shall endeavour to ensure, as far as practicable, that—

(a) such technology—

(i) provides for the security of any electronic communications by the attendee,

(ii) minimises the risk of data corruption and unauthorised access, and

(iii) provides certainty as to the source of the electronic communications,

(b) in the case of any failure or disruption of such technology, that failure or disruption is remedied as soon as practicable, and

(i) hear what is said by the chair of the meeting and any person introduced by the chair, and

(ii) speak and submit questions and comments during the meeting to the chair to the extent that the attendee is entitled to do so under the rules of the credit union.

(8) Any temporary failure or disruption of electronic communications technology shall not invalidate the general meeting or any proceedings relating to the meeting.

(9) Unless such failure or disruption is attributable to any wilful act of the credit union, a credit union shall not be liable in respect of any failure or disruption relating to the equipment used by an attendee to access a general meeting by electronic communications technology that occurs and which failure or disruption prevents or interferes with the attendee’s participation, by the use of such technology, in the meeting.

(10) Where, in the opinion of the board of directors, it is deemed necessary—

(a) in order to comply with the public health guidance of the Government or regulations made under sections 5 and 31A of the Health Act 1947 in respect of the movement or gathering of persons for the purposes of preventing, limiting, minimising or slowing the spread of Covid-19, the board of directors may, by resolution, at any time up to the end of the day prior to the day on which a general meeting is to be held and in accordance with section 80A—

(i) cancel the meeting,

(ii) change the venue of the meeting, or

(iii) change the means of holding the meeting (including providing for facilitating attendees to participate in such meeting by the use of electronic communications technology),

(b) due to exceptional and unexpected circumstances, the board of directors may, by resolution, cancel a general meeting at any time prior to the holding of the meeting.

(11) In this section and sections 78B, 80, 80A and 82—

"attendee", in relation to a general meeting of a credit union, means—

(a) a member of the credit union,

(b) a proxy of a member of the credit union appointed under section 82A,

(d) the auditor of the credit union,

(e) the Bank by virtue of section 82(1), or (f) any other person entitled to attend the meeting by virtue of the provisions of this Act or the rules of the credit union;

"electronic communications technology", in relation to a general meeting of a credit union, means technology that enables real time transmission and real time two-way audio-visual or audio communication enabling attendees as a whole with a reasonable opportunity to participate in the meeting using such technology from a remote location;

"electronic platform", in relation to a general meeting of a credit union, means an electronic system for the delivery of audio-visual or audio communication, including websites, access software and access telephone details or any other electronic technology that delivers such communication;

"general meeting", in relation to a credit union, includes a meeting that has been rescheduled.]

78B. F244[General meetings (other than during interim period).

78B. (1) This section shall not apply to the holding of general meetings during the interim period to which section 78A applies.

(2) A credit union need not hold a general meeting at a physical venue but may conduct the meeting wholly or partly by the use of electronic communications technology as long as all attendees have a reasonable opportunity to participate in the meeting in accordance with this section.

(3)
(a) A credit union may provide for participation in a general meeting by providing or facilitating, for that purpose, the use of electronic communications technology, including a mechanism for casting votes by a member, whether before or during the meeting.

(b) The mechanism referred to in paragraph (a) shall not require the member to be physically present at the general meeting or require the member to appoint a proxy who is to be physically present at the meeting.

(4) The use of electronic communications technology pursuant to subsection (3) may be made subject only to such requirements or restrictions put in place by the credit union as are necessary to ensure the identification of attendees and the security of the electronic communications technology, to the extent that such requirements or restrictions are proportionate to the achievement of those objectives.

(5) A credit union shall inform attendees, before the general meeting concerned, of any requirements or restrictions which it has put in place pursuant to subsection (4).

(6) A credit union that provides for the use of electronic communications technology for participation in a general meeting by an attendee shall endeavour to ensure, as far as practicable, that—

(a) such technology—

(i) provides for the security of any electronic communications by the attendee,

(ii) minimises the risk of data corruption and unauthorised access, and

(iii) provides certainty as to the source of the electronic communications,

(b) in the case of any failure or disruption of such technology, that failure or disruption is remedied as soon as practicable, and

(i) hear what is said by the chair of the meeting and any person introduced by the chair, and

(ii) speak and submit questions and comments during the meeting to the chair to the extent that the attendee is entitled to do so under the rules of the credit union.

(7) Any temporary failure or disruption of electronic communications technology shall not invalidate the general meeting or any proceedings relating to the meeting.

(8) Unless such failure or disruption is attributable to any wilful act of the credit union, a credit union shall not be liable in respect of any failure or disruption relating to the equipment used by an attendee to access a general meeting by electronic communications technology that occurs and which failure or disruption prevents or interferes with the attendee’s participation, by the use of such technology, in the meeting.

(9) Where, in the opinion of the board of directors, it is deemed necessary, due to exceptional and unexpected circumstances, the board of directors may, by resolution, cancel a general meeting at any time prior to the holding of the meeting.]

79. Special general meetings.

F245[79.— (1) The board of directors or the board oversight committee of a credit union may, whenever they think fit, convene a special general meeting of the credit union.]

(2) F246[…]

(3) If, by notice in writing addressed to the secretary of a credit union at its registered office, a qualifying group of members of the credit union so request, the board of directors shall convene a special general meeting of the credit union; and if, within one month from the date of the receipt of the notice at the credit union’s registered office, the board of directors have not convened a special general meeting to be held within six weeks of that date, any ten members of the credit union, acting on behalf of the qualifying group who made the request, may convene a special general meeting.

(4) For the purposes of a request under subsection (3), a group of members of a credit union is a qualifying group if—

(a) each of them has been a member throughout the period of 12 months ending on the date of the request; and

(b) they together number at least 50 or, if it is less, at least 10 per cent. of the membership of the credit union at that date.

(5) Where, in the opinion of the F247[Bank], it is necessary to do so—

(a) in the interests of the members or creditors of a credit union, or

(b) in the interests of the orderly and proper regulation of the business of a credit union,

the F247[Bank] may direct that no special general meeting of the credit union shall be held for a period not exceeding nine months from the date of the direction.

(6) Section 3 (3) shall not apply to directions under subsection (5).

80. Notice of general meetings.

80.—(1) Before a general meeting of a credit union is held, the secretary of the credit union shall, in accordance with subsection (2), give notice of the meeting to the F248[Bank], to the auditor of the credit union and to every member of the credit union who, at the beginning of the relevant period, is eligible to vote at the meeting.

(2) Subject to subsection (4), the notice required by subsection (1)—

F249[(a) shall state the date, time, place (where applicable) and manner of holding (where applicable) of the general meeting;]

(b) shall be accompanied by the agenda for the meeting;

(c) in the case of a notice of a special general meeting, shall contain a statement that the annual accounts for the most recent financial year may be obtained, not later than seven days before the date of the general meeting, at the registered office of the credit unionF249[;]

F250[(d) shall, within the relevant period, be delivered—

(i) personally, by post or by electronic means, to the auditor to such address as has been notified in writing to the credit union by the auditor for the purpose of receiving the notice, and

(i) to each member of the credit union,

and]

F251[(e) shall, in the case of a general meeting proposed to be held wholly or partly by the use of electronic communications technology, state—

(i) the electronic platform to be used for the meeting,

(ii) details for access to the electronic platform,

(iii) where required by a credit union, the time and manner by which an attendee must F250[confirm the attendee’s intention] to attend the meeting,

(iv) any requirements or restrictions which the credit union has put in place in order to identify attendees who intend to attend the meeting,

(v) the procedure for attendees to communicate questions and comments during the meeting, and

(vi) the procedure to be adopted for voting on resolutions proposed to be passed at the meeting.]

(3) References in subsections (1) and (2) to the relevant period are references to the period which begins 21 days before and ends seven days before the date of the general meeting; and any provision in the rules of a credit union shall be void in so far as it provides for the calling of a general meeting of the credit union (other than an adjourned meeting) by less than seven or more than 21 days' notice.

(4) With the consent of the F248[Bank], given where the F248[Bank] considers there are exceptional circumstances justifying the application of this subsection, the notice required by subsection (1) shall be given by publishing a notice, in accordance with subsection (5), at such times (or within such period) and in such form F251[and containing such information] as the F248[Bank] may require.

(5) Where subsection (4) applies, the notice, which shall include the agenda for the meeting, shall be published—

(a) in at least two appropriate newspapers published in the State and circulating in the area in which the registered office of the credit union is situated, and

(b) in any other manner which the F248[Bank] requires as being necessary for bringing the notice to the attention of the persons entitled to attend the meeting,

and, for the purposes of paragraph (a), the two appropriate newspapers are a local newspaper and a national daily newspaper or, if there is no local newspaper circulating in the area concerned, two national daily newspapers.

(6) The proceedings at a general meeting shall not be invalidated by—

(a) the accidental omission to give notice to any member entitled to receive notice of the meeting; or

(b) the non-receipt by any member of notice of the meeting.

(7) A general meeting of which notice is given less than seven days before the meeting but otherwise in accordance with subsection (2) shall not be invalid if not less than two-thirds of the members entitled to vote at the meeting and the auditor so agree in writing either before or during the meeting.

80A. F252[Notice of rescheduled general meeting.

80A. (1) Notwithstanding section 80 but subject to subsection (2), notice for the purposes of section 78A(10) or 78B(9), as the case may be, shall be given in the same manner as the notice for the general meeting referred to in section 80 but where, in the opinion of the board of directors, giving such notice in that manner is not reasonably practicable, notice shall be given—

(a) where the credit union has a website, on that website,

(b) by email to every member for whom the credit union has an email address, and

(c) in at least one national newspaper published in the State and circulating in the area in which the registered office of the credit union is situated.

(2) Subsection (1) shall not apply where all members agree in writing to the cancellation, change of venue or change of means of holding the general meeting concerned, or to dispensing with notice for the general meeting.]

81. General meetings: adjournment, quorum and minutes.

81.—(1) A general meeting of a credit union may, for good and sufficient reasons and with the consent of the majority of the members present and voting, be adjourned for not more than 90 days or such longer period as the F253[Bank] may require but—

(a) no business shall be transacted at an adjourned general meeting other than business left unfinished at the meeting from which the adjournment took place; and

(b) when a general meeting is adjourned for 30 or more days, the secretary of the credit union shall give notice of the adjourned meeting to the auditor and to every member who, under section 80 (1), was entitled to notice of the meeting which was adjourned.

(2) Subject to subsection (3), in section 80—

(a) F254[paragraphs (a), (b), (d) and (e) of subsection (2)] shall apply to a notice under subsection (1)(b) of this section as they apply to a notice under subsection (1) of that section; and

(b) subsections (6) and (7) shall apply in relation to an adjourned meeting as they apply in relation to a general meeting.

(3) In the application of section 80 (2)(d) in accordance with subsection (2), for the words “within the relevant period” there shall be substituted “not later than seven days before the date of the adjourned meeting”.

(4) Subject to subsection (5), the quorum for a general meeting of a credit union shall be ten per cent. of the members or 30 members, whichever is the less.

(5) Notwithstanding subsection (4), in no case shall the quorum for a general meeting of a credit union be less than ten members, but, if the rules so provide, the quorum for an adjourned general meeting may be less than that specified in that subsection.

(6) It shall be the duty of the secretary to keep minutes of all general meetings of a credit union.

82. Supplementing provisions as to general meetings.

82.—(1) The F257[Bank] shall have the right to attend and speak at any general meeting of a credit union.

(2) At a general meeting of a credit union, or any adjournment thereof, each member shall have only one vote on each question, F258[irrespective of the member’s shareholding].

(3) F259[…]

(4) Where a member of a credit union is not a natural person, that member may be represented at a general meeting by a representative who may vote on behalf of the member if—

(a) the representative is duly authorised in writing by the member to do so; and

(b) the board of directors of the credit union have, expressly or by implication, accepted that authorisation;

and such a representative shall be entitled to exercise, on behalf of the member, the same powers as the member could exercise if the member were a natural person.

(5) Any provision in the rules of a credit union shall be void in so far as it would have the effect either—

F260[(a) of excluding the right to demand a poll at a general meeting (or an adjourned meeting) on any question, other than the election of the chair of the meeting (or the adjourned meeting); or]

(b) of making ineffective a demand for a poll on any such question which is made by not less than ten members having the right to vote at the meeting (or, as the case may be, the adjourned meeting).

F261[(6) The Minister may, if he or she considers it appropriate, by regulations under section 182, make further provision for all or any of the following in relation to general meetings to be held wholly or partly by the use of electronic communications technology:

(a) the convening and conduct of the meetings;

(b) attendance at the meetings;

(d) such other matters relating to the meetings as he or she considers appropriate for the purposes of section 78A or 78B, as the case may be.]

82A. F264[Proxies.

82A.—(1) Subject to subsection (3), a credit union may allow in its rules for any member of the credit union entitled to attend and vote at a general meeting of the credit union to be entitled to appoint another person (whether a member or not) F263[as the member’s proxy to attend and vote instead of the member].

(2) A proxy so appointed shall have the same right as the member to speak at the meeting and to vote on a show of hands and on a poll.

(3) Unless the rules of the credit union otherwise provide, a member of a credit union shall not be entitled to appoint more than one proxy to attend on the same occasion.

(4) The instrument appointing a proxy (the "instrument of proxy") shall be in the form provided for in the rules of a credit union and shall be in writing—

(a) under the hand of F263[the appointer or of the appointer’s attorney] duly authorised in writing, or

(b) if the appointer is a body corporate, either under seal of the body corporate or under the hand of an officer or attorney of it duly authorised in writing.

(5) The instrument of proxy and the power of attorney or other authority, if any, under which it is signed, or a notarially certified copy of that power or authority, shall be deposited at the registered office of the credit union concerned or at such other place within the State as is specified for that purpose in the notice convening the meeting, and shall be so deposited not later than the time specified in subsection (6).

(6) The time referred to in subsection (5) is—

(a) 48 hours (or such lesser period as the rules of the credit union may provide) before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote, or

(b) in the case of a poll, 48 hours (or such lesser period as the rules of the credit union may provide) before the time appointed for the taking of the poll.

(7) The depositing of the instrument of proxy referred to in subsection (5) may, rather than its being effected by sending or delivering the instrument, be effected by communicating the instrument to the credit union by electronic means, and this subsection likewise applies to the depositing of anything else referred to in subsection (5).

(8) If subsection (5) or (6) is not complied with, the instrument of proxy shall not be treated as valid.

(9) Subject to subsection (10), a vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death of the appointer or revocation of the proxy or of the authority under which the proxy was executed.

(10) Subsection (9) does not apply if notice in writing of such death or revocation as is mentioned in that subsection is received by the credit union concerned at its registered office before the commencement of the meeting or adjourned meeting at which the proxy is used.

(11) Subject to subsection (12), if, for the purpose of any meeting of a credit union, invitations to appoint as proxy a person or one of a number of persons specified in the invitations are issued at the credit union’s expense to some only of the members entitled to be sent a notice of the meeting and to vote at it by proxy, any officer of the credit union who knowingly and intentionally authorises or permits their issue in that manner shall be guilty of an offence.

(12) An officer shall not be guilty of an offence under subsection (11) by reason only of the issue to a member, F263[at the member’s request in writing], of a form of appointment naming the proxy or of a list of persons willing to act as proxy if the form or list is available on request in writing to every member entitled to vote at the meeting by proxy.]

83. Special resolutions.

F265[83.— (1) If, at any general meeting of which notice has been given specifying the intention to propose a special resolution, the chair declares that the resolution has been passed as required by the definition of "special resolution" in section 2(1), that declaration shall, without more, be evidence of that fact until the contrary is proved.

(2) A copy of every special resolution for any of the purposes mentioned in this Act—

(a) shall be signed by the chair of the meeting at which the resolution was passed,

(b) shall be countersigned by the secretary of the credit union, and

(c) within 21 days of the date of the meeting at which the resolution was passed, shall be sent to the Bank to be registered by it,

and the special resolution shall not take effect until that copy is so registered.]

PART VI Control and Supervision of Credit Unions by the F266[Bank]

General

84. Functions of the F267[Bank].

84.—(1) The F267[Bank] 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 F267[Bank] shall have power to do anything which, in F267[its] opinion, is necessary to facilitate the exercise of F267[its] functions or is incidental to or consequential on their exercise; and, in the exercise of any such power, the F267[Bank] may consult the Advisory Committee and such other bodies as appear to F267[it] 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 F267[Bank] shall constitute a warranty as to the solvency of the credit union to which registration is given; and neither the State nor the F267[Bank] shall be liable in respect of any losses incurred through the insolvency or default of a society which is registered as a credit union.

84A. F268[Power of Bank to make regulations.

84A.— (1) In making regulations under this Act the Bank shall have regard to the need to ensure that the requirements imposed by the regulations so made are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply.

(2) Before making regulations under this Act, the Bank shall consult with—

(a) the Minister and the Credit Union Advisory Committee,

(b) any other body that appears to the Bank to have expertise or knowledge of credit unions generally, and

(3) Regulations made under this Act may—

(a) contain any incidental, supplementary and consequential provisions that appear to the Bank to be necessary or expedient for the purposes of the regulations,

(b) apply either generally to a specified category or categories of credit union, and

85. Assets and liabilities ratios and structures.

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 F269[Bank] 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

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

(4) A requirement of the F269[Bank] 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;

(5) The F269[Bank] may, from time to time, by notice in writing specify, as respects a credit union, requirements as to the composition of its assets or, F270[subject to regulations made under section 27(2)], the composition of its liabilities.

(6) In this section—

(a) “liabilities” include such contingent liabilities as the F269[Bank] 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 F269[Bank] may from time to time specify by notice in writing for the purposes of this section;

and, until the F269[Bank] 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 F269[Bank] 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.

85A. F271[Liquidity.

85A.— (1) In this section—

"liquid assets" means the assets held by a credit union to enable it to meet its obligations as they arise;

"maturity mismatch" means the ongoing or possible future divergence between a credit union’s assets and liabilities because non liquid assets of the credit union have not or, at the appropriate time, will not have matured;

"total assets" means all the assets of a credit union having due regard to the accounting principles in section 110 after deducting provisions for bad and doubtful debts.

(2) A credit union shall at all times keep a proportion of its total assets in liquid form (in this section referred to as "liquid assets") so as to enable the credit union to meet its obligations as they arise. The proportion of assets kept in liquid form shall take into account the nature, scale and complexity of the credit union, and the composition and maturity of its assets and liabilities.

(3) The Bank may prescribe the liquidity requirements that a credit union is required to maintain at a minimum as well as conditions on the application of the liquidity requirements. Regulations made by the Bank for the purpose of this section may deal with other matters related to minimum liquidity requirements, including—

(a) the proportion and nature of assets to be held in liquid form,

(b) the holding of liquid assets based on the duration of loans,

(d) the liquid assets to be held as a safeguard on the basis of stressed conditions that may arise.

(4) In prescribing matters for the purposes of this section, the Bank shall have regard to the need to ensure that the requirements imposed by the regulations made by it are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply.]

85B. F272[Supplemental provisions to sections 85 and 85A.

85B.— (1) In this section—

"liquid assets" has the meaning given by section 85 or 85A, as appropriate in the circumstances;

"maturity mismatch" has the meaning given by section 85A(1);

"stress test", in relation to a credit union, means the analysis of its cash flows under various headings and the placing of such cash flows in pre-determined time periods subject to specified conditions, including monetary limits where appropriate, to estimate the extent to which a credit union may have a maturity mismatch in respect of its assets and liabilities.

(2)
(a) Pending the prescribing by the Bank of minimum liquidity requirements for the purposes of section 85A in respect of a category of credit unions, the liquidity requirements applicable to credit unions under section 85 shall continue to apply to such category of credit unions in respect of matters so prescribed.

(b) Where minimum liquidity requirements have been prescribed by the Bank for the purposes of section 85A in respect of a category of credit unions, then section 85 shall cease to apply to that category of credit unions in respect of the matters so prescribed.

(3) The Bank may, from time to time, require any credit union or credit unions (either generally or a particular category of credit union) to undertake stress tests into what would be the consequences for its liquidity if one or more scenarios were to arise. The terms of the stress test shall be laid down by the Bank including without limitation requirements on the frequency of stress tests, reporting arrangements for stress test results and requirements to develop contingency plans.

(4) In requiring a credit union to undertake any matter for the purposes of this section, the Bank shall have regard to the need to ensure that the requirements are effective and proportionate having regard to the nature, scale and complexity of the credit union.]

86. Control of advertising.

86.—(1) If the F273[Bank] 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) F273[it] 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 F273[Bank] 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. Power of F274[Bank] to give regulatory directions.

87.—(1) If, with respect to a credit union, the F274[Bank] 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) F275[…]

(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,

F276[the Bank may decide to give and give the credit union such regulatory directions as it thinks proper].

(2) F277[The Bank may also decide to give and give regulatory directions] to a credit union if it appears to F274[it]—

(a) that the credit union has failed to comply with any requirements imposed by or under this Act (including requirements imposed by the F274[Bank] by conditions, notices, directions or otherwise in the exercise of F274[its] powers under this Act); or

(b) that the credit union has been convicted of F278[…] an offence involving fraud, dishonesty or breach of trust; or

F279[ (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; or

(d) that the credit union has failed to comply with any terms and conditions imposed by the Bank under section 65(6) of the Credit Union and Co-operation with Overseas Regulators Act 2012 relating to the provision of stabilisation support under this Act.]

(3) For the purposes of this Act, “regulatory directions” are directions in writing given to a credit union by the F274[Bank] 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 F274[Bank]—

(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;

F280[ (e) require the credit union to raise within such period as may be specified and maintain such reserves or other financial resources or to maintain such non-financial resources, as may be specified;

(f) require the credit union to take such steps as may be specified to strengthen its systems or controls;

(g) require the credit union to apply a specified policy for making provision for such debts or treatment of assets, as may be specified, for the purposes of capital and reserve requirements;

(h) require the credit union to restrict or limit its business, operations or activities, as the Bank considers necessary, to reduce risks inherent in its activities, products and systems;

(i) require the credit union to provide a statement in writing to the Bank of the steps it will take to comply with any regulatory direction imposed under this section or with any other requirement imposed on a credit union under this Act;

(j) impose limitations on the acceptance of members’ savings or the employment of assets;]

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 F274[Bank]; or

(b) from setting off to any extent a member's share capital F281[against the member’s indebtedness] to the credit union (such a setoff being regarded as a repayment of share capital).

88. Procedural provisions relating to regulatory directions.

88.— F282[(1) When the Bank gives any regulatory directions to a credit union,—

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

(b) the secretary of the credit union concerned shall, as soon as practicable, notify every member of the board of directors and every member of the board oversight committee of that credit union of the giving of those directions,

but a failure to notify in accordance with paragraph (b) shall not affect the validity of the directions.]

(2) The F283[Bank] may, if F283[it] thinks fit, cause to be published in Iris Oifigiúil, or in any other manner which appears to F283[it] 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

(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—

F284[ (a) on summary conviction, to a class C fine; and]

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

89. Power of Court to prohibit continuance of certain contraventions.

89.—(1) Where, on an application made by the F286[Bank], 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 F286[Bank].

Inspections and information

90. Inspection of books and documents of credit union.

F287[90.—(1) In this section and section 91 ‘authorised officer’ means an authorised officer appointed under F288[Part 3 of the Central Bank (Supervision and Enforcement) Act 2013].

(2) The Bank may appoint an authorised officer to carry out an inspection and to provide a report of the inspection to the Bank.

(3) An authorised officer may, for the purposes of carrying out an inspection, exercise any of the powers conferred on an authorised officer under F288[Part 3 of the Central Bank (Supervision and Enforcement) Act 2013].]

91. Notice to furnish books, information etc.

91.— F289[F290[(1) If required to do so by notice in writing served by the Bank at any time—

(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

shall furnish to the Bank such books or documents which relate to the credit union and are in the possession or power of the credit union or such person 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 Bank in the exercise of its powers under this Act.]

(2) If required to do so by a notice in writing served on it by the Bank, a credit union shall furnish to the Bank 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 Bank in the exercise of the powers of the Bank 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.

F291[(4) The Bank may take copies of or extracts from any item produced in compliance with a notice under subsection (1) or (2) and, if so required by the Bank, 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, 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 F292[Bank] considers it just and so requires by notice in writing, all or any of the expenses incurred by F292[it] in exercising F292[its] powers under subsection (1) shall be met, either wholly or to such extent as F292[it] may so require—

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

F293[ (b) by the officers or former officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant or former voluntary assistant) 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 F292[Bank] 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. Investigations and calling of meetings.

92.—(1) Where—

(a) an application is made to the F294[Bank] 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 F294[Bank] 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 F294[Bank], as F294[it] 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 F294[Bank] 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 F294[Bank] 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 F294[Bank], the applicants shall deposit with F294[it], prior to, and as security for the costs of, the investigation or meeting, such sum as F294[it] 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, F294[it] may do so with the approval of the F294[Bank].

(5) Such notice of an application under subsection (1)(a) as the F294[Bank] 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 F294[Bank] may impose such requirements as F294[it] 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 F295[time, place (where applicable) and manner of holding (where applicable)] of the meeting and the matters to be discussed and determined at the meeting;

F296[(c) the Bank may appoint a person to be chair of the meeting but, if it does not do so, the members present at the meeting shall appoint the chair; 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 F294[Bank] shall, if F294[it] 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 F294[it] proposes to take and of the grounds on which F294[it] proposes to take it and, in such a case, the F294[Bank] 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 F294[Bank] 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 F294[it] may so require—

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

F297[(b) by the members or former members or the officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant) 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 F294[Bank], but without prejudice to F294[its] rights to contribution under section 93.

93. Provisions supplementary to investigations under section 92.

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

F299[(b) "agent" has the same meaning as in section 21 of the Central Bank (Supervision and Enforcement) Act 2013.]

(2) It shall be the duty—

(a) of all the persons who are or have been officers, members F300[…] 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,

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