Industrial and Provident Societies (Amendment) Act, 1978
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Registrar's powers consequential on section 26. |
27.—(1) This section applies in a case where the Registrar has made a direction under section 26 and the direction has not been revoked. | |
(2) It shall be the duty of the credit union concerned to make reasonable arrangements for using the funds of the credit union to meet applications (duly made in accordance with the rules of the credit union by depositors or shareholders in the credit union) for repayment of moneys deposited or subscribed by them. | ||
(3) Where it appears to the Registrar that the credit union concerned has been applying an undue proportion of the funds of the credit union in making loans, in preference to making such arrangements as are mentioned in subsection (2) he may, after giving notice to the credit union and affording it an opportunity of making representations, make an application under section 33 of the Credit Union Act, 1966 , for the winding up of the credit union. |