Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Amendment No. 33, made in the Seanad, makes provision for the election of the board of directors at the first annual general meeting or special general meeting called after the organisation meeting of a new credit union. This amendment was necessary to ensure consistency between the ways the board oversight and the board of directors are elected. It provides a transitional arrangement for the election of the board of directors at the first agm or sgm, following the commencement of the section. This was necessary given the decrease in the maximum number of directors that may be appointed to the board under this Bill - a reduction from a maximum of 15 to a maximum of 11, which was well debated on all sides.

On Committee Stage in the Seanad I noted there were incorrect cross references in these amendments and stated I would bring forward amendments on Report Stage to rectify these inconsistencies. They should refer to section 53(15), not to section 53(16). These amendments were made on Report Stage in the Seanad and the correct cross references have now been included in subsection (6).

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