Credit Union and Co-operation with Overseas Regulators Act 2012

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PART 2

Amendments to Credit Union Act 1997 and Consequential Amendments, etc.

Amendment of section 2 (Interpretation) of Principal Act.

6.— The Principal Act is amended by substituting the following for subsection (1) of section 2:

“(1) In the Credit Union Acts 1997 to 2012—

‘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);

‘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 Bank;

‘Bank’ means the Central Bank of Ireland;

‘board of directors’ means the body which has general control, direction and management of a credit union and to which section 53 relates;

‘board oversight committee’ has the meaning given by section 76L;

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

‘business continuity’ and ‘business continuity plan’ have the meanings given to them, respectively, by section 76I;

‘chair’ has the meaning given by section 55A(2);

‘civil partner’ has the same meaning as it has in the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 ;

‘cohabitant’ has the same meaning as it has in the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 ;

‘common bond’ means a common bond falling within section 6(3);

‘compliance officer’ has the meaning given by section 76D;

‘contravention’ includes failure to comply;

‘Court’ means the High Court;

‘credit institution’ means—

(a) a recognised bank within the meaning of the Central Bank Acts 1942 to 2011,

(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;

‘financial services legislation’, where applicable to credit unions acting under any authorisation from the Bank provided for by law, means—

(a) the designated enactments within the meaning of section 2 of the Central Bank Act 1942 ,

(b) the designated statutory instruments within the meaning of section 2 of the Central Bank Act 1942 , and

(c) the Central Bank Acts 1942 to 2011 together with the statutory instruments made under those Acts;

‘general meeting’ means an annual general meeting or a special general meeting;

‘internal audit charter’ has the meaning given by section 76K(2);

‘internal audit function’ has the meaning given by section 76K(1);

‘internal audit plan’ has the meaning given by section 76K(3);

‘manager’, in relation to a credit union, means the individual appointed to the role of manager of the credit union under section 63A;

‘management team’ has the meaning given by section 55(1)(i);

‘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 father, mother, grandfather, grandmother, father-in-law, mother-in-law, spouse or civil partner, cohabitant, son, daughter, grandson, granddaughter, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, first cousin, step-son, step-daughter, step-brother, step-sister, son-in-law, daughter-in-law, brother-in-law or sister-in-law;

‘Minister’ means the Minister for Finance;

‘nomination committee’ has the meaning given by section 56B(1);

‘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) the chair, the secretary or any other member of the board of directors, a member of a principal Committee, a member of the board oversight committee, risk management officer, compliance officer, credit officer or credit control officer of the credit union,

(b) an employee of the credit union to whom paragraph (a) does not apply, and

(c) a voluntary assistant of the credit union,

but does not include an auditor appointed by the credit union in accordance with the requirements of this Act;

‘operational risk’ has the meaning given by section 76E(1);

‘organisation meeting’ has the meaning given by section 77(1);

‘pass book’ includes any type of written statement of account;

‘persons claiming through a member’ includes the executors or administrators and assignees of a member and, where nomination is allowed, the member’s nominee;

‘prescribe’ means—

(a) in relation to the Minister, prescribed by regulations made by the Minister under section 182, and

(b) in relation to the Bank, prescribed by regulations made by the Bank under section 182A;

‘principal Committee’, in relation to a credit union, means a credit committee, credit control committee or membership committee;

‘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;

‘regulatory directions’ has the meaning given by section 87(3);

‘restructuring proposal’ has the meaning given by section 45 (1) of the Credit Union and Co-operation with Overseas Regulators Act 2012;

‘risk management officer’ has the meaning given by section 76C(1);

‘risk management system’ has the meaning given by section 76B(1);

‘savings’, in relation to a credit union, has the meaning given by section 27(1);

‘share’, in relation to a credit union, means each sum of one euro standing to the credit of a member of that credit union in respect of shares 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 is passed by a majority of not less than three quarters of such members of a credit union present and voting and who are for the time being entitled to vote in person at any general meeting of which notice, specifying the intention to propose the resolution, has been duly given according to the rules of the credit union;

‘strategic objectives’ has the meaning given by section 76A(1);

‘strategic plan’ has the meaning given by section 76A(1);

‘voluntary assistant’, in relation to a credit union, means a member of the credit union who, although not a remunerated employee of the credit union, is engaged in any way in the operation of the credit union.”.