CREDIT UNION ACT, 1997

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 F301[Bank] in accordance with section 92 (8), the F301[Bank] 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 F301[Bank] may direct;

• (b) in any case, by the credit union or the other body, to such extent (if any) as the F301[Bank] 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. Inspector’s report and proceedings thereon.

94.—(1) An inspector appointed under section 92 may, and shall if the F302[Bank] so requires, make an interim report to the F302[Bank] and on conclusion of the investigation, shall make a final report to the F302[Bank]; but the inspector may at any time in the course of his investigation, without making an interim report, inform the F302[Bank] of matters coming to his knowledge as a result of the investigation.

• F302[(2) In relation to a report made to the Bank under this section, the Bank shall—

• (a) give a copy to the Minister, and

• (b) if the inspector who made the report makes or has made an application to the Court under section 93(5), deliver a copy to the Court, and

• (c) if it thinks fit, provide a copy to the credit union and its auditor, and

• (d) on request and on payment of such fee (if any) as may be prescribed under section 33K of the Central Bank Act 1942, for the purposes of this paragraph, provide a copy to any other person—

• (i) who is a member of the credit union, or

• (ii) who is a member of any other body dealt with in the report by virtue of section 92(4), or

• (iii) whose interests as a creditor of the credit union, or of that other body, appear to the Bank to be affected,

and

• (e) where the investigation results from an application under section 92(1)(a) at the request of the applicants and if the Bank thinks fit, give a copy to the applicants.]

• (3) The Minister may lay the report under subsection (1) before each House of the Oireachtas and such publication shall be privileged; and the F302[Bank] may, if F302[it] thinks fit, cause a report which is not so laid to be printed and published.

• (4) Where it appears to the F302[Bank] 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 F302[Bank] 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 F303[…] 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 F302[Bank] after consideration of an inspector's report under subsection (1) that it is expedient to do so, F302[it] 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 F302[Bank] 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, F302[it] may bring proceedings for that purpose in the name of the credit union.

• (8) The F302[Bank] 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. Registrar’s power to appoint person as director of a credit union.

95.—(1) Where the F304[Bank] is of the opinion F305[, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013,] or after an investigation under section 92, that it is necessary to do so in the interest of the orderly and proper regulation of the business of a credit union, F304[it] 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 F304[it] by this section, the F304[Bank] 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 F304[Bank]’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 F304[Bank] may specify and, on the expiry of such a period, the F304[Bank] may renew the appointment for such period or periods as F304[it] may specify.

F306[ (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 the officers (other than any person who is or was an officer solely by virtue of being a voluntary assistant) of the credit union in such proportions as the Bank shall direct.]

• (5) An officer, member F307[…] 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 F304[Bank] included a reference to a person appointed under this section.

• (6) A person appointed under this section shall report to the F304[Bank], in such manner and with such frequency as the F304[Bank] may direct, on the affairs of the credit union.

• (7) No claims shall lie against the F304[Bank], 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.

95A. F308[Bank’s power to require appointment of additional director of credit union.

95A.— (1) Where the Bank is of the opinion, F309[after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013] or after an investigation under section 92, that it is necessary to enhance or improve the expertise of the board of directors of a credit union, it may require the nomination committee of the credit union to nominate an additional person with the required skills and expertise to be a director of the board of directors of the credit union.

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

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

• (4) Any director appointed under subsection (1) shall have the same rights, duties and responsibilities as any other director appointed under section 53.]

• F310[(5) Any period of appointment under this section shall not be reckoned for the purposes of calculating the number of years that a person has served in aggregate for the purpose of section 53(12) or section 76N(5).]

96. Removal or suspension of directors and members of Supervisory Committee.

96.—(1) Where the F311[Bank] is of the opinion, F312[after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013] or after an investigation under section 92, that it is necessary to 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, F311[it] may—

• (a) remove from office, or

• (b) suspend from office for such period not exceeding three months as the F311[Bank] considers appropriate,

all or any of the directors or members of the F313[board oversight committee] of the credit union.

• F314[(2) The removal or suspension from office by the Bank of a director or member of the F313[board oversight committee] of a credit union under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.

• (3) If a director or member of the F313[board oversight committee] of a credit union is removed by the Bank under this section or if, on the hearing of an appeal against the removal, the removal is confirmed by the Irish Financial Services Appeals Tribunal under Part VIIA of the Central Bank Act 1942, the vacancy caused by the removal shall be treated as a casual vacancy.

• (4) A director or member of the F313[board oversight committee] of a credit union who is removed from office under this section is, for 5 years from the date when the removal takes effect, disqualified from holding office as an officer, F315[or auditor of a credit union].

• (5) If a director or member of the F313[board oversight committee] of a credit union is suspended under this section, the remaining directors or members of the F313[board oversight committee] constitute the board of directors or the F313[board oversight committee].

• (6) No claim lies against the Bank, the Minister or the State for any loss of office arising directly or indirectly from any of the provisions of this section.]

• (7) F316[…]

97. Cancellation of registration.

97.—(1) Subject to the provisions of this section and section 98 (2), the F317[Bank] may, F317[by notice in writing], cancel the registration of a credit union—

• (a) if at any time it is proved to F317[its] 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 F317[it] thinks fit, at the request of the credit union, to be evidenced in such manner as F317[it] shall from time to time direct;

• (c) on proof to F317[its] satisfaction that the credit union exists or is being used for an illegal purpose or has wilfully and after notice from the F317[Bank] violated any of the provisions of this Act;

• (d) where it appears to F317[it] that the members of the credit union no longer have a common bond F318[(including a common bond arising by virtue of the operation of law)].

• (2) The F317[Bank] 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.

• F319[(3) The Bank shall not cancel the registration of a credit union otherwise than—

• (a) at its own request, or

• (b) under subsection (2),

unless it has given the credit union at least 2 months’ notice in writing specifying the ground on which it is proposed to cancel that registration.]

• (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 F317[Bank] 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. Suspension of registration.

98.—(1) In any case where, under section 97 (1), the F320[Bank] might cancel the registration of a credit union, F320[it] may, F320[by notice in writing]—

• (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 F320[Bank] may F320[by notice in writing] 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 F320[Bank] 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 F320[Bank] 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. F321[Appeals against cancellation or suspension.

99.—(1) The following decisions are appealable decisions for the purposes of Part VIIA of the Central Bank Act 1942:

• (a) a decision of the Bank under section 97(3) or section 98(3) proposing to cancel or suspend the registration of a credit union;

• (b) a decision of the Bank under section 98(1)(b) renewing the suspension of the registration of a credit union so that the suspension extends beyond 3 months from when the suspension began.]

• (2) If the F322[Bank], 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) F323[…]

Administrative Provisions

100. Public file of a credit union.

F325[100.—(1) The Bank shall prepare and keep at a specified office of the Bank a file relating to each credit union, to be known as the public file of the credit union.

• (1A) The Bank shall ensure that the public file of each credit union contains—

• (a) the documents, or the copies of documents, and

• (b) the records of the matters,

that are 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. Fees.

101.—F326[…]

102. Classification of information.

102.—Where, under this Act, any information relating to any person is required to be delivered to the F327[Bank] and is so received by F327[it], the F327[Bank] may apply such system of classification as F327[it] considers appropriate to such information and may assign symbols of identification to persons or classes of persons to whom any such information relates.

103. Delivery to the Registrar of documents in legible form.

103.—(1) This section applies to the delivery to the F328[Bank] 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 F328[Bank] 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 F328[Bank] to copy the document.

• (3) If a document is delivered to the F328[Bank] which does not comply with the requirements of this section, F328[it] 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.

• F328[(4) The Bank may not serve a notice under subsection (3) after the end of 3 months from the date on which it received the document to which the notice relates.]

• (5) Where the F328[Bank] serves notice under subsection (3), then, unless a replacement document—

• (a) is delivered to F328[it] within 28 days after the service of the notice, and

• (b) complies with the requirement of this section or is not rejected by F328[it] for failure to comply with those requirements,

the original document shall be deemed not to have been delivered to F328[it].

• (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 F328[Bank]'s notice under subsection (3).

• (7) In this section, “document” includes any periodic account, abstract, statement or return required to be delivered to the F328[Bank].

104. Delivery to the Registrar of documents otherwise than in legible form.

104.—(1) This section applies to the delivery to the F329[Bank] 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 F329[Bank], or to deliver a document in the prescribed form, shall be satisfied by the communication to the F329[Bank] of the requisite information in any non-legible form specified by the F329[Bank] 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 F329[Bank] 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 F329[Bank] 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 F329[Bank] to read and copy the document.

• (5) If a document is delivered to the F329[Bank] which does not comply with the requirements of this section, F329[it] 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.

• F329[(6) The Bank may not serve a notice under subsection (5) after the end of 3 months from the date on which it received the document to which the notice relates.]

• (7) Where the F329[Bank] serves a notice under subsection (5), then, unless a replacement document—

• (a) is delivered to F329[it] within 28 days after the service of the notice, and

• (b) complies with the requirement of this section or is not rejected by F329[it] for failure to comply with those requirements,

the original document shall be deemed not to have been delivered to F329[it].

• (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 F329[Bank]'s notice under subsection (5).

• F329[(9) Regulations under section 182 may make further provision for the delivery of documents, or the service of notices, under this section by instantaneous forms of communication.]

• (10) In this section “document” includes any periodic account, abstract, statement or return required to be delivered to the F329[Bank].

105. Exercise of Registrar’s functions.

105.— F330[…]

106. Annual report by Registrar.

106.— F331[…]

PART VII Accounts and Audit

107. Financial year of a credit union.

107.—(1) Subject to subsections (2) and (3), the financial year of a credit union shall be the period of 12 months ending on the 30th day of September or such other date as the F332[Bank] may determine.

• (2) The initial financial year of a credit union shall be such period as begins on the date on which the credit union is registered and expires on the following 30th September or on such other date as the F332[Bank] may have determined before the 30th September.

• (3) The final financial year of a credit union shall be that period (of less than 12 months) which expires on the date to which the credit union makes up its final accounts and begins on the day following the end of the preceding financial year (as determined under subsection (1) or subsection (2)).

108. Accounting records etc.

108.—(1) Every credit union shall—

• (a) cause proper accounting records, whether in the form of documents or otherwise, to be kept on a continuous and consistent basis, that is to say, the entries shall be made in a timely manner and be consistent from one year to the next, and

• (b) establish and maintain systems of control of its business and records,

in accordance with this section and section 109.

• (2) The accounting records of a credit union shall be such as—

• (a) correctly to record and explain the transactions of the credit union;

• (b) to disclose, with reasonable accuracy and promptness, the financial position of the credit union at any time;

• (c) to enable the officers properly to discharge the duties imposed on them by or under this Act;

• (d) to enable the credit union properly to discharge the duties imposed on it by or under this Act; and

• (e) to enable the accounts of the credit union to be readily and properly audited.

• (3) Without prejudice to the generality of subsections (1) and (2), accounting records kept pursuant to this section shall contain—

• (a) entries from day to day of all sums of money received and expended by the credit union and the matters in respect of which the receipt and expenditure take place;

• (b) a record of the assets and liabilities of the credit union and entries from day to day of every transaction entered into by the credit union which will or may give rise to liabilities or assets of the credit union; and

• (c) in respect of the provision of services, whether under section 48 or otherwise, a record of the services provided and all transactions relating to them.

• (4) For the purposes of subsection (1) proper accounting records shall be deemed to be kept if they comply with subsections (2) and (3) and give a true and fair view of the state of affairs of the credit union and explain its transactions.

• (5) The accounting records of a credit union—

• (a) shall be kept at the registered office of the credit union or at such other place in the State as the board of directors think fit; and

F333[ (b) shall at all reasonable times be open to inspection by the members of the board of directors and the board oversight committee.]

• (6) Every record required to be kept under this section shall be preserved by the credit union for not less than six years from the latest date to which it relates.

F334[ (7) Where the accounting records of the credit union are kept at a place other than the registered office of the credit union, the chair shall have responsibility for ensuring that a written record of their location is kepart]

• (8) Where a credit union conducts its business in more than one place, the board of directors shall ensure that such accounting records are kept and such systems of control are established and maintained for each of those places as will enable the credit union to comply with this section and section 109.

• (9) A credit union shall take adequate precautions to ensure the safe keeping of the accounting records of the credit union no matter what form they may take.

109. Systems of control and safe custody.

109.—(1) The systems of control which are to be established and maintained by a credit union pursuant to section 108 (1) are systems for the control of the conduct of its business as required by or under this Act and in accordance with the decisions of the board of directors and for the control of the accounting and other records of its business.

• (2) Without prejudice to the generality of section 108 (1), the systems of control must be such as to secure that the credit union's business is so conducted and its records so kept that—

• (a) the information necessary to enable the officers, the credit union and the auditor to discharge their functions is sufficiently accurate, and is available with sufficient regularity and with sufficient promptness for those purposes, and

• F335[(b) the information obtained by or furnished to the Bank is sufficiently accurate for the purposes for which it is obtained or furnished and is available as and when required by the Bank.]

• (3) Every credit union shall establish and maintain a system to ensure the safe custody of all documents of title belonging to the credit union.

110. Accounting principles.

110.—(1) Subject to subsection (2), the amounts to be included in the accounts of a credit union in respect of items shown shall be determined in accordance with the following principles—

• (a) the credit union shall be presumed to be carrying on business as a going concern;

• (b) accounting policies shall be applied consistently from one financial year to the next;

• (c) the amount of any item in the accounts shall be determined on a prudent basis and in particular—

• (i) only surpluses realised at the balance sheet date shall be included in the income and expenditure account, and

• (ii) all liabilities and losses which have arisen or are likely to arise in respect of the financial year to which the accounts relate, or a previous financial year, shall be taken into account, including those liabilities and losses which only become apparent between the balance sheet date and the date on which the accounts are signed in pursuance of section 111;

F336[ (d) all income and charges relating to the financial year to which the accounts relate shall be taken into account without regard to the date of receipt or payment;

• (e) in determining the aggregate amount of any item the amount of each individual asset or liability that falls to be taken into account shall be determined separately; and

• (f) in determining how amounts are presented within items in the income and expenditure account and balance sheet, the directors of a credit union shall have regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice.]

• (2) If it appears to the directors of a credit union that there are special reasons for departing from any of the principles specified in subsection (1), they may so depart, but particulars of the departure, the reasons for it and its effect on the balance sheet and income and expenditure account shall be stated in a note to the accounts, for the financial year concerned, of the credit union.

111. Annual accounts.

111.—(1) The directors of a credit union shall prepare or cause to be prepared, with respect to each financial year—

• (a) an income and expenditure account giving a true and fair view of the credit union's income and expenditure for that year,

• (b) a balance sheet giving a true and fair view of the state of its affairs as at the end of that year, and

• (c) any statement required by the body of accountants (referred to in section 114 (1)(a)) of which the auditor is a member to be included with the annual accounts so that the annual accounts together with the statement or statements give such a true and fair view as is referred to in paragraph (a) or, as the case may be, paragraph (b),

and each of these shall be in such form and shall contain such particulars F337[as the Bank may prescribe].

• (2) Unless the F338[Bank] otherwise allows, for each financial year, the income and expenditure account, the balance sheet and the statement or statements referred to in subsection (1)(c) shall, where applicable, include corresponding particulars for the preceding financial year.

• (3) The annual accounts shall also contain such supplementary information as is required by or under this Act.

• (4) A credit union shall not publish, for any financial year, any income and expenditure account, balance sheet or statement unless—

• (a) it has been previously audited by the auditor last appointed to audit the annual accounts of the credit union, and

• (b) it incorporates a report by the auditor stating whether in his opinion it complies with paragraph (a) or paragraph (b) of subsection (1), whichever is applicable in that case, and

• F339[(c) it has been signed by the manager of the credit union and by a member of the board of directors acting on behalf of the board.]

• F340[(5) If, in relation to any income and expenditure account or balance sheet of a credit union for a financial year, a member of the board of directors fails to take all reasonable steps to secure compliance with the provision of subsection (1) which is applicable in that case, the member shall be guilty of an offence and liable on summary conviction to a class C fine unless the member proves that there were reasonable grounds for the member to believe that a competent and reliable person was charged with the duty of seeing that the relevant provision was complied with, and was in a position to discharge that duty.]

• (6) The accounts prepared with respect to a credit union’s financial year under this section together with the notes to them are referred to in this Act as the “annual accounts”.

112. Balance sheet to be available to members.

112.—(1) Every credit union shall keep available for inspection by its members at all reasonable times—

• (a) a copy of the latest audited balance sheet of the credit union; and

• (b) a copy of the auditor's report on that balance sheet.

• (2) Every credit union shall cause to be displayed at all times in a conspicuous position at its registered office a notice informing members of the availability of the documents referred to in subsection (1).

• (3) A credit union which fails to comply with the preceding provisions of this section shall be guilty of an offence.

113. Obligation to appoint auditors.

113.—(1) At each annual general meeting a credit union shall, by a majority vote of the members present and voting, elect an auditor to hold office from the conclusion of that meeting until the next annual general meeting.

• (2) Notwithstanding any agreement between the credit union and an auditor, and without prejudice to any rights of the auditor in relation to his removal under this Act, a credit union may by resolution at a general meeting remove an auditor before the term of his office expires and may elect in his place a person—

• (a) who has been duly nominated for election;

• (b) who is qualified under this Act to be an auditor of a credit union; and

• (c) of whose nomination due notice has been given to the members of the credit union and the F341[Bank].

• (3) The first auditor of a credit union may be appointed by the directors at any time before the first annual general meeting; but no person shall be so appointed unless he is qualified for election as an auditor of a credit union.

• (4) Where the directors fail to exercise their power under subsection (3), the first auditor may be elected by a majority vote of the members present and voting at a general meeting of the credit union and thereupon the power of the directors under subsection (3) shall cease.

• (5) Where, at an annual general meeting, no auditor is elected, the F341[Bank] may appoint a person who is qualified under this Act to be an auditor of a credit union to fill the vacancy and the remuneration and expenses of an auditor so appointed shall be paid out of the funds of the credit union.

• (6) A credit union shall—

• (a) within one week of the F341[Bank]’s powers under subsection (5) becoming exercisable, give the F341[Bank] notice of that fact; and

• (b) where a resolution removing an auditor is passed, give notice of that fact to the F341[Bank] in such form as may be required by the F341[Bank] within 14 days of the meeting at which the resolution removing the auditor was passed.

• (7) The directors of a credit union may fill any casual vacancy in the office of auditor with a person who is qualified to be elected an auditor of a credit union but, while any such vacancy continues, the surviving or continuing auditor or auditors, if any, may act.

• (8) The election of a firm by the name of the firm to be the auditor of a credit union shall be deemed to be an election of those persons who from time to time during the period of appointment are the partners in that firm as from time to time constituted and are qualified to be auditors of a credit union.

• (9) Where the F341[Bank] is of the opinion that it would not be in the interest of the orderly and proper regulation of the business of a credit union or in its members' interests, F341[it] may by notice in writing order the credit union not to elect or re-elect to the office of auditor, or the directors not to fill a casual vacancy in that office with, a named person.

• (10) Where the F341[Bank] makes an order under subsection (9), the credit union may appeal against the order to the Court but, subject to any direction or decision of the Court, the credit union shall comply with the order.

114. Qualification for appointment as auditor.

114.—F342[(1) A person shall not be qualified for election as auditor of a credit union unless the person is a statutory auditor within the meaning of section 2 of the Companies Act 2014.]

• (2) None of the following persons shall be qualified for election as auditor of a credit union—

• (a) a person who is or, at any time during the period of three years preceding the meeting at which the election is to be made, has been an officer F343[…] of the credit union;

F344[ (b) a parent, spouse or civil partner, brother, sister or child of an officer of the credit union; or]

• (c) a person who is a partner of, or in the employment of, or who employs, an officer F345[…] of the credit union.

• (3) Any election made by a credit union in contravention of subsection (1) or subsection (2) shall not be an effective election for the purposes of this Act.

• (4) A person shall not act as auditor of a credit union at a time when he is disqualified under this Act or the Companies Acts for election or appointment to that office and, if an auditor of a credit union becomes so disqualified during his term of office, he shall—

• (a) thereupon vacate his office; and

• (b) give immediate notice in writing to the credit union and to the F346[Bank] that he has vacated his office by reason of the disqualification.

• (5) A person who contravenes subsection (4) shall be guilty of an offence.

115. Eligibility of auditor for re-election.

115.—(1) A person who was elected (or appointed) to audit the annual accounts of a credit union for a financial year and who continues to be qualified under this Act to be an auditor of a credit union shall be eligible for re-election (or election) as auditor of the credit union for the following financial year unless—

• (a) he has given to the credit union notice in writing of his unwillingness to be re-elected (or elected); or

• (b) he is ineligible for election as auditor of the credit union for that financial year; or

• (c) he has ceased to act as auditor of the credit union by reason of incapacity; or

• (d) the F347[Bank] has made an order under section 113 (9) prohibiting his election or re-election as auditor of the credit union.

• (2) For the purposes of subsection (1), a person is ineligible for election as auditor of a credit union for a particular financial year if, at the date of the general meeting at which an auditor would be elected for that financial year, he is, by virtue of section 114 (2), disqualified for election in relation to that credit union.

116. Removal of auditor by Registrar.

F348[116.— (1) Where the Bank considers it necessary in the interest—

• (a) of the members or creditors of a credit union, or

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

the Bank may remove from office the auditor of the credit union.

• (2) Any auditor who has been removed from office under subsection (1) may apply to the Court for an order setting aside the removal.

• (3) On an application under subsection (2), the Court may make—

• (a) an order setting aside the removal,

• (b) an order confirming the removal, or

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

• (4) The Bank may apply to the Court for, and the Court may grant, an order confirming the removal.

• (5) The Court may by order revoke or vary an order made by it under this section.

• (6) If, in a case where an application has been made to the Court under this section, 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 that provision may be heard otherwise than in public.

• (7) Unless an order has been made by the Court in respect of a removal, the Bank may at any time revoke the removal.]

117. Resolutions relating to appointment and removal of auditors.

117.—(1) Subject to subsection (2), a resolution at a general meeting of a credit union—

• (a) nominating for election as auditor a person other than a retiring auditor,

• (b) providing that a retiring auditor shall not be nominated for election,

• (c) removing an auditor before the expiration of his term of office, or

• (d) nominating for election as auditor a retiring auditor who was appointed by the directors to fill a casual vacancy,

shall not be effective unless notice of the intention to move it has been given to the credit union and to the F349[Bank] not less than 28 days before the meeting at which it is to be moved.

• (2) Where, after notice of the intention to move such a resolution has been given to the credit union, a general meeting of the credit union is called for a date less than 28 days after the notice has been given, the notice, although not given within the time required by subsection (1) shall be deemed to have been properly given for the purpose of that subsection.

• (3) Subject to subsection (4), a credit union shall give its members notice of any such intended resolution at the same time and in the same manner as it gives notice of the meeting or, if that is not practicable, it shall give them notice, the period of which has been approved by the F349[Bank], of the intended resolution by advertisement in at least two appropriate newspapers, within the meaning of section 80 (5)(a), published in the State and circulating in the area in which the credit union’s registered office is situated.

• (4) A notice under subsection (3) shall not be given within 7 days of the date of the receipt of notice of the intended resolution under subsection (1).

• (5) On receipt of notice of an intended resolution under subsection (1), the credit union shall forthwith—

• (a) if the resolution is a resolution mentioned in paragraph (a), paragraph (b) or paragraph (d) of that subsection, send a copy thereof to the retiring auditor;

• (b) if the resolution is a resolution mentioned in paragraph (c) of that subsection, send a copy thereof to the auditor proposed to be removed.

• (6) Where notice is given of such an intended resolution as is mentioned in any of paragraphs (a), (b) and (c) of subsection (1) and the retiring auditor or the auditor proposed to be removed, as the case may be, 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 (8), (unless the representations are received by it too late for it to do so)—

• (a) in any notice of the intended 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 (whether before or after the credit union receives the representations).

• (7) Subject to subsection (8), and whether or not copies of any representations made by him have been sent as mentioned in subsection (6), the auditor concerned may require that, without prejudice to his right to be heard orally, the representations made by him shall be read out at the meeting at which the intended resolution is to be moved.

• (8) Subsections (6) and (7) shall not apply if, on the application either of the credit union or of any other person who claims to be aggrieved, the F349[Bank] is satisfied that compliance with the subsections would diminish substantially public confidence in the credit union or that the rights conferred by it are being, or are likely to be, abused in order to secure needless publicity for defamatory matter.

• (9) An auditor of a credit union who has been removed shall be entitled—

• (a) to attend the annual general meeting of the credit union at which, but for his removal, his term of office as auditor of the credit union would have expired;

• (b) to attend the general meeting of the credit union at which it is proposed to fill the vacancy occasioned by his removal;

• (c) to receive all notices of, and other communications relating to, any such meeting which a member of the credit union entitled to notice of the meeting is entitled to receive; and

• (d) to be heard at any such meeting or any part of the business of the meeting which concerns him as a former auditor of the credit union.

118. Resignation of auditors.

118.—(1) An auditor of a credit union may, by a notice in writing which complies with subsection (3), is served on the credit union and states his intention to do so, resign from the office of auditor to the credit union, and the resignation shall take effect on such date as may be specified in the notice, being not less than 28 days after the notice is served.

• (2) A copy of a notice under subsection (1) shall be sent by the auditor to the F350[Bank] at the same time as it is served on the credit union.

• (3) A notice under subsection (1) shall contain either—

• (a) a statement to the effect that there are no circumstances connected with the resignation to which it relates that the auditor concerned considers should be brought to the notice of the members or creditors of the credit union; or

• (b) a statement of any such circumstances.

• (4) Subject to subsection (5), where a notice under subsection (1) is served on a credit union and the notice contains a statement falling within subsection (3)(b), the credit union shall, not later than 14 days after the date of that service, send a copy of the notice to every person who is entitled to notice of a general meeting of the credit union.

• (5) Copies of a notice served on a credit union under subsection (1) need not be sent to the persons specified in subsection (4) if, on the application of the credit union concerned or any other person who claims to be aggrieved, the F350[Bank] is satisfied that the sending of the notice would be likely to diminish substantially public confidence in the credit union or that the rights conferred by this section are being abused to secure needless publicity for defamatory matter.

119. Requisitioning of general meeting and circulation of statement by resigning auditor.

119.—(1) A notice served on a credit union under section 118 by a resigning auditor which contains a statement falling within subsection (3)(b) of that section may also requisition the convening, by the directors of the credit union, of a general meeting of the credit union for the purpose of receiving and considering such account and explanation of the circumstances connected with his resignation from the office of auditor to the credit union as the auditor may wish to give to the meeting.

• (2) Where an auditor makes a requisition under subsection (1), the directors of the credit union shall, within 14 days of the service on the credit union of the notice containing the requisition, proceed duly to convene a general meeting of the credit union for a day not more than 28 days after the service of that notice.

• (3) Subject to subsection (4), where—

• (a) a notice served on a credit union under section 118 contains a statement falling within subsection (3)(b) of that section, and

• (b) the auditor concerned requests the credit union to circulate to its members—

• (i) before the general meeting at which, apart from the notice, his term of office would expire, or

• (ii) before any general meeting at which it is proposed to fill the vacancy caused by his resignation or convened pursuant to a requisition under subsection (1),

a further statement in writing prepared by the auditor of the circumstances connected with the resignation that the auditor considers should be brought to the notice of members,

the credit union shall in any notice of the meeting given to its members state the fact of the statement having been made, and send a copy of the statement to every person who is entitled to notice of a general meeting of the credit union.

• (4) Subsection (3) need not be complied with by the credit union concerned if, on the application of either the credit union or of any other person who claims to be aggrieved, the F351[Bank] is satisfied that the sending of the statement would be likely to diminish substantially public confidence in the credit union or that the rights conferred by this section are being abused to secure needless publicity for defamatory matter.

• (5) A person who has resigned from the office of auditor of a credit union shall be permitted—

• (a) to attend any such meeting of the credit union as is mentioned in subsection (3)(b); and

• (b) to be heard at any such meeting on any part of the business which concerns him as a former auditor of the credit union;

and the credit union shall send to such a person all notices of, and other communications relating to, any such meeting that a member of the credit union who is entitled to notice of the meeting is entitled to receive.

120. Auditor’s report, right of access and to be heard.

120.—(1) The auditor of a credit union shall make a report to the members on the accounts examined by him, and on the annual accounts which are to be laid before the credit union at the annual general meeting during his tenure of office; and the auditor's report—

• (a) shall be read at the annual general meeting of the credit union, and

• (b) shall be open to inspection by any member of the credit union.

• F352[(2) Before signing the auditor’s report, the auditor of a credit union shall meet with and report to the directors of the credit union and the members of the board oversight committee on the annual accounts and any matter relating to those accounts which the auditor considers should be drawn to their attention.]

• (3) The auditor’s report shall state whether—

• (a) he has obtained all the information and explanations which, to the best of his knowledge and belief, were necessary for the purposes of his audit;

• (b) he is of the opinion that proper accounting records have been kept by the credit union;

• (c) the credit union’s annual accounts are in agreement with the accounting records of the credit union;

• (d) he is of the opinion that the credit union’s annual accounts have been properly prepared so as to conform with any requirements made by or under this Act and give a true and fair view—

• (i) in the case of the balance sheet, of the credit union’s state of affairs as at the end of the financial year;

• (ii) in the case of the income and expenditure account, of the income and expenditure of the credit union for the financial year; and

• (e) the credit union’s annual accounts contain any statement required under section 111 (1)(c) to be included by the body of accountants concerned.

• (4) Without prejudice to subsection (3), where the report of the auditor relates to any accounts other than the income and expenditure account for the financial year in respect of which he is appointed, that report shall state whether those accounts give a true and fair view of any matter to which they relate.

• (5) It shall be the duty of the auditor in preparing his report under this section to carry out such investigations as will enable him to form an opinion as to whether—

• (a) the credit union has kept proper accounting records, and

• (b) the credit union has maintained satisfactory systems of control of its business and records,

and where the auditor is of the opinion that the credit union has failed to keep proper accounting records or to maintain a satisfactory system of control of its business or records, he shall so state in his report.

• (6) Every auditor of a credit union shall have a right of access at all reasonable times to the books and documents of the credit union, and shall be entitled to require from the officers F353[…] of the credit union such information and explanations that are within their knowledge or can be procured by them, as he thinks necessary for the performance of his duty as auditor.

• (7) The auditor of a credit union shall be entitled—

• (a) to attend any general meeting of the credit union; and

• (b) to be heard at any general meeting on any part of the business which concerns him as auditor of the credit union;

and the credit union shall give its auditor the same notice of, and any other communications relating to, a general meeting that a member of the credit union is entitled to receive.

121. F355[Regulations relating to accounts and audit.

121.—Regulations under section 182 may make provision with respect to the annual accounts of credit unions and to their audit and, in particular, any such regulations may do all or any of the following:

• (a) add to the documents to be comprised in the annual accounts of a credit union prepared with respect to a financial year under section 111;

• (b) make further provision as to the matters to be included in any document comprised in a credit union’s annual accounts;

• (c) make further provision in relation to accounting principles and rules for the preparation of annual accounts including, if the Minister considers it necessary or desirable, adherence to particular formats of presentation.]

122. Auditor’s duty to report to Registrar.

122.—(1) If at any time the auditor of a credit union—

• (a) has reason to believe that there exist circumstances which are likely to affect materially the credit union’s ability to fulfil its obligations to its members or meet any of its obligations under this Act,

• (b) has reason to believe that there are material defects in the accounting records, systems of control of the business and records of the credit union,

• (c) has reason to believe that there are material inaccuracies in or omissions from any returns made by the credit union to the F356[Bank],

• (d) proposes to qualify any report which he is to provide under this Act,

• (e) has reason to believe that there are material defects in the system for ensuring the safe custody of all documents of title, deeds and accounting records of the credit union, or

• (f) considers that the board of directors have failed to respond to any recommendations made by him,

the auditor shall forthwith report the matter to the F356[Bank] in writing.

• (2) The auditor of a credit union shall, if requested by the F356[Bank], furnish to the F356[Bank] a report stating whether in his opinion and to the best of his knowledge the credit union has or has not complied with such requirements under this Act as the F356[Bank] may have requested the auditor to furnish a report on.

• (3) The auditor of a credit union shall send to it, forthwith, a copy of any report made by him to the F356[Bank] under subsection (1) or subsection (2).

• (4) Whenever the F356[Bank] is of the opinion that the exercise of F356[its] functions under this Act or the protection of the interests of the members of a credit union so requires, F356[it] may require the auditor of the credit union to supply F356[it] with such information as F356[it] may specify in relation to the audit of the business of the credit union.

• (5) The F356[Bank] may require that, in supplying information for the purpose of subsection (4), the auditor shall act independently of the credit union.

• (6) No duty to which the auditor of a credit union may be subject shall be regarded as contravened, and no liability to the credit union, its members, creditors or other interested parties shall attach to the auditor, by reason of his compliance with any obligation imposed on him by or under this section.

123. Penalty for false statements etc. to auditors.

123.—(1) An officer F357[…] of a credit union who knowingly or recklessly makes a statement to which this section applies that is misleading, false or deceptive in a material particular shall be guilty of an offence.

• (2) This section applies to any statement made to the auditor of a credit union (whether orally or in writing) which conveys, or purports to convey, any information or explanation which he requires under this Act, or is entitled so to require, as auditor of the credit union.

• (3) An officer F357[…] of a credit union who fails to provide to the auditor of the credit union, within five days of the making of the relevant requirement (not including a Saturday, Sunday or public holiday) any information or explanation that the auditor requires as auditor of the credit union and that is within the knowledge of, or can be procured by, the officer F357[…] shall be guilty of an offence.

• (4) In a prosecution for an offence under this section it shall be a defence for the defendant to show—

• (a) that it was not reasonably possible for him to comply with the requirement under subsection (3) to which the offence relates within the time specified in that subsection; and

• (b) that he complied with that requirement as soon as was reasonably possible after the expiry of that time.

124. Annual returns.

124.—(1) Subject to subsection (3), every credit union shall, not later than 31st March in each year, send to the F358[Bank] a return relating to its affairs for the most recent complete financial year, together with the annual accounts and a copy of the report of the auditor on the credit union's annual accounts for that financial year.

• (2) A return required by this section shall contain, with respect to the financial year to which it relates—

• (a) the income and expenditure account prepared in accordance with section 111 (1)(a);

• (b) the balance sheet as at the end of the financial year prepared in accordance with section 111 (1)(b); and

• (c) any statement prepared in accordance with section 111 (1)(c).

• (3) If the F358[Bank] is of the opinion that special circumstances exist, F358[it] may by notice in writing allow a credit union to make a return under this section up to a date other than the end of a financial year and, in that case—

• (a) subsection (2) shall apply subject to such modifications as may be specified in the notice;

• (b) the return shall be sent to the F358[Bank] not later than three months after the date to which it is to be made up; and

• (c) the period of the next return (if any) under this section shall begin immediately after that date and end at the end of the financial year in which that date falls;

and, for the purposes of subsection (2), such a return as is referred to in paragraph (c) shall be regarded as made in respect of the financial year referred to in that paragraph.

• (4) The last return under this section by a credit union which is being dissolved by an instrument of dissolution under section 135 shall be made up to the date of the instrument of dissolution.

• (5) Every credit union shall supply free of charge to every member of the credit union who applies for it a copy of the latest return of the credit union under this section and shall so supply with every such copy a copy of the report of the auditor on the accounts and balance sheet contained in the return.

• (6) A credit union which fails to comply with this section shall be guilty of an offence.

PART VIII Disputes and Complaints

125. Settlement of disputes.

125.—(1) Save as otherwise required by or under this Act, this section applies to any dispute between a credit union and—

• (a) a member of the credit union F359[in their capacity as a member];

• (b) any former member of the credit union (in that capacity) who ceased to be a member of the credit union not more than six months previously;

• (c) any person claiming through any such member or former member (in their capacity as such); or

• (d) any person claiming under the rules of the credit union;

and references in subsections (2) to (5) to a dispute shall be construed accordingly.

• (2) F359[Subject to subsection (5),] if a credit union's rules give directions as to the manner in which disputes are to be decided, every dispute to which the credit union is party shall be decided in that manner.

• (3) F360[…]

• (4) A decision made on a dispute as F359[mentioned in subsection (2)] shall be binding and conclusive on all parties without appeal; and—

• (a) the decision shall not be removable into any court of law or restrainable by injunction; and

• (b) application for the enforcement of the decision may be made to the District Court.

• (5) Where the rules of a credit union contain no direction as to disputes, or where no decision is made on a dispute within 50 days after application to the credit union for a reference under its rules, any such person as is mentioned in paragraphs (a) to (d) of subsection (1) who is a party to the dispute may apply to the District Court which may hear and determine the matter in dispute.

• (6) The jurisdiction of the District Court under this section shall be exercised by a Judge of the District Court for the district in which the registered office of the credit union is situated.

• (7) Except in so far as the rules of a credit union expressly otherwise provide, any reference in any such rules to a dispute is a reference to a dispute to which this section applies.

• (8) Nothing in this section (or in section 126) shall prevent—

• (a) a credit union, or

• (b) a member of a credit union, or

• (c) any person claiming through or under a member of a credit union,

from obtaining in the ordinary course of law any remedy to which the credit union, member or person is entitled in respect of any contract, excluding that constituted by the rules of the credit union.

126. Arbitration and procedural matters.

126.—(1) In this section—

• (a) “dispute” means such a dispute as is referred to in subsection (1) of section 125; and

• (b) “the Arbitration Acts” means the Arbitration Acts, 1954 and 1980.

• (2) Where the registered rules of a credit union provide that a dispute shall be determined by arbitration, the Arbitration Acts shall, subject to any necessary modifications, apply to that dispute and—

• (a) the rules of the credit union shall, for the purposes of this subsection, be deemed to be an arbitration agreement within the meaning of the Arbitration Acts;

• (b) arbitrators shall be named and selected in accordance with the rules of the credit union or, if the rules make no such provision, one arbitrator shall be named by the board of directors and one by the member, former member or other person who is a party to the dispute with the credit union; and

• (c) an arbitrator shall not be beneficially interested, whether directly or indirectly, in the funds of the credit union.

• (3) F362[…]

• (4) F362[…]

• (5) F362[…]

127. Investigation of complaints.

127.—F364[(1) The Minister may, by order notified in Iris Oifigiúil, require a credit union to establish or join in establishing a scheme or schemes for the investigation of complaints against the credit union in relation to a pre- scribed matter of complaint.

• (1A) The Minister may make an order under subsection (1) only after consulting the Bank, the Advisory Committee and such other bodies as appear to the Minister to have expertise or knowledge about credit unions.]

• (2) Without prejudice to the generality of subsection (1), F365[an order] under this section may make provisions in relation to any one or more of the following—

• (a) the establishment and administration of a scheme;

• (b) the manner of appointment of an independent adjudicator to conduct investigations;

• (c) the matters to be subject to investigation under the scheme;

• (d) the grounds on which a complaint must be based;

• (e) the powers of, and procedure to be followed in the conduct of investigations by, the adjudicator;

• (f) the circumstances in and the extent to which determinations are binding;

• (g) the procedures for the making of complaints;

• (h) the publication of the adjudicator's findings; and