Credit Union Act, 1997

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Interpretation.

2.—(1) In this Act, unless the context otherwise requires—

“Act of 1966” means the Credit Union Act, 1966 ;

“Advisory Committee” means the committee established under section 180 ;

“amendment”, in relation to the rules of a credit union, includes a new rule, and a resolution rescinding a rule, of the credit union;

“annual accounts” has the meaning given by section 111 (6);

“the annual general meeting” has the meaning given by section 78 (1);

“annual return” means the annual return which a credit union is required by section 124 to send to the Registrar;

“board of directors” means the committee of management or other directing body of a credit union;

“books and documents” includes accounts and records made in any manner, and “books or documents” shall be construed accordingly;

“common bond” means a common bond falling within section 6 (3);

“the Companies Acts” means the Companies Acts, 1963 to 1990, together with any enactment which is to be construed as one with those Acts;

“contravention” includes failure to comply;

“the Court” means the High Court;

“credit institution” means—

(a) a recognised bank within the meaning of the Central Bank Acts, 1942 to 1997,

(b) a trustee savings bank,

(c) the Post Office Savings Bank, or

(d) a building society within the meaning of the Building Societies Act, 1989 ;

“credit union” means a society registered as such under this Act, including a society deemed to be so registered by virtue of section 5 (3);

“debentures” means any debentures, debenture stock or bonds of a credit union, whether constituting a charge on the assets of the credit union or not;

“general meeting” means an annual general meeting or a special general meeting;

“meeting”, includes, where the registered rules of a credit union so allow, a meeting of delegates appointed by members;

“member of the family”, in relation to any person, means that person's parent, grandfather, grandmother, father-in-law, mother-in-law, husband, wife, son, daughter, grandson, granddaughter, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, first cousin, son-in-law, daughter-in-law, brother-in-law or sister-in-law;

“the Minister” means the Minister for Enterprise and Employment;

“non-qualifying member”, in relation to a credit union, has the meaning given by section 17 (4);

“officer”, in relation to a credit union, includes a chairman (or president), vice-chairman (or vice-president), treasurer, secretary, a member of the board of directors or of a principal Committee or Supervisory Committee, employee, credit officer or credit control officer, but does not include an auditor appointed by the credit union in accordance with the requirements of this Act;

“the organisation meeting” has the meaning given by section 77 (1);

“pass book” includes any type of written statement of account;

“principal Committee” in relation to a credit union, means a credit committee, credit control committee, membership committee;

“persons claiming through a member” includes the executors or administrators and assignees of a member and, where nomination is allowed, his nominee;

“prescribed” means prescribed by regulations made by the Minister and “prescribe” shall be construed accordingly;

“the register” means the register maintained under section 8 (5);

“registered” means for the time being entered in the register and “registration” shall be construed accordingly;

“Registrar” means the Registrar of Friendly Societies;

“regulations” means regulations made by the Minister under this Act;

“regulatory directions” has the meaning given by section 87 (3);

“savings” includes shares and deposits (if any);

“savings protection scheme” has the meaning given by section 46 (2);

“share” means, in relation to a credit union, each sum of one pound standing to the credit of a member of that credit union in the register of members required by this Act to be kept by that credit union;

“special general meeting” shall be construed in accordance with section 79 ;

“special resolution” means a resolution which—

(a) is passed by a majority of not less than three quarters of such members of a credit union for the time being entitled under the rules to vote as may have voted in person at any general meeting of which notice, specifying the intention to propose the resolution, has been duly given according to the rules, and

(b) is confirmed by a majority of such members for the time being entitled under the rules to vote as may have voted in person at a subsequent general meeting of which notice has been duly given held not less than 14 days and not more than 28 days from the day of the meeting at which the resolution was first passed;

“Supervisory Committee” has the meaning given it by section 58 (1);

“surplus funds” shall be construed in accordance with section 45 (2);

“voluntary assistant”, in relation to a credit union, means a member of the credit union who, although not an officer of the credit union, is engaged in any way (but without remuneration) in the operation of the credit union.

(2) Any reference in this Act to a member present at a meeting means, in the case of a member which is not a natural person, being represented at the meeting by a representative, as mentioned in section 82 (4).

(3) In this Act a reference to a Part, section or Schedule is to a Part, section or Schedule of or to this Act, unless it is indicated that reference to some other enactment is intended.

(4) In this Act a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision in which the reference occurs, unless it is indicated that reference to some other provision is intended.

(5) In this Act a reference to an enactment includes a reference to that enactment as amended by or under any enactment, including this Act.