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

We are dealing with amendments Nos. 4 and 52. These amendments mirror sections 14(6) to 14(8) of the Credit Union Act 1997 and provide for changes to the rules of credit unions that are consequential to the provisions of the Bill. Amendment No. 4 clarifies that during the first year following the commencement of this section, the rules of the credit union may be amended by a resolution of the board of directors rather than by the members of the credit union where such changes are necessary to comply with the provisions of the Bill.

Amendment No. 52 provides for a reduction in the number of board members from 15 to 11 by amendment to the rules of the credit union. This is a saving provision which continues to enforce any regulatory action taken by the Central Bank on or before the commencement of this Act under a provision which is being amended, repealed or revoked by this Act. This section also sets out a definition of regulatory actions for the purpose of this section.