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

This amendment makes provision for the election of a board of directors at the first AGM or SGM called after the organisation meeting of a new credit union. This amendment is necessary to ensure consistency between the board oversight and the way board of directors are elected. The amendment provides a transitional arrangement for the election of the board of directors at the first AGM or SGM following the commencement of this section. This is necessary to give effect to the decrease in the maximum number of directors that may be appointed to the board under the Bill, a reduction from a maximum of 15 to a maximum of 11. There are incorrect cross-references in these amendments and I will introduce amendments on Report Stage to rectify these. These should refer to section 53(15) and not section 53(16).