Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

I move amendment No. 51:

In page 23, after line 21, to insert the following:

“Insertion of Sixth Schedule to Principal Act

58. The Principal Act is amended by the insertion of the following Schedule after the Fifth

Schedule:

“SIXTH SCHEDULE

Section 13

MATTERS TO BE PROVIDED FOR IN RULES OF CORPORATE CREDIT UNION

1. The name of the credit union, which shall comply with section 10.

2. The place which is to be the registered office of the credit union to

which all communications and notices to the credit union may be

addressed.

3. The qualifications required for, and the terms of, admission to

membership of the credit union.

4. The mode of holding meetings and the method of notice, including

provision as to the quorum necessary for the transaction of any

description of business, and the mode of making, altering or rescinding

rules.

5. The appointment and removal of the board of directors and any

principal Committee and of other officers and their respective powers

and remuneration.

6. The procedure in accordance with which a person may be designated

or de-designated under section 67(4) and the circumstances in which a

person may be so designated or de-designated.

7. Determination of the maximum amount of the interest in the shares of

the credit union which may be held by any member.

8. Provision for the mode of withdrawal of shares and payment of the

balance due on shares on withdrawing from the credit union.

9. The mode and circumstances in which loans to members and, where

relevant, their members and loans to members of other credit unions

on a referral basis, are to be made and repaid.

10. Provision for the custody and use of the credit union’s seal.

11. Provision for the audit of accounts by one or more auditors appointed

by the credit union.

12. Whether disputes between the credit union and any of its members,

and, where relevant, their members, or any person claiming by or

through any member or member of the credit union’s member or under

the rules, shall be settled by reference to the Circuit Court or

arbitration.

13. Provision for the withdrawal of members from the credit union and for

the claims of the members of the credit union in liquidation.

14. Provision for dealing with directors who are more than 90 consecutive

days in arrears under a debt obligation to the credit union up to and

including the suspension or removal from the board of such

directors.”.”.