Affiliation With the Irish League Of Credit Unions

Affiliation With the Irish League Of Credit Unions

Rule 109. Affiliation with the Irish League of Credit Unions

  1. The credit union shall affiliate with the Irish League of Credit Unions.
  2. The credit union shall adopt as its registered rules the standard rules approved by the Irish League of Credit Unions and operate in accordance with them.
  3. The credit union shall not unilaterally amend the standard rules of the Irish League of Credit Unions.
  4. In consulting with, or making application to, the Bank for all services under sections 48 to 52, of the Act, the credit union may do so through the Irish League of Credit Unions.
  5. Subject to compliance with any requirements made by or under the Acts, any other law and these rules, the credit union shall:
    • abide by the rules and bye-laws of the Irish League of Credit Unions as laid down from time to time for its members;
    • operate within such standards in respect of operating ratios, identification and control of delinquency, bonding and insurance levels without limitation, insurance in relation to shares and loans of members and such other areas as decided by a general meeting of the Irish League of Credit Unions;
    • co-operate with the carrying out of such examinations of the credit union by the Irish League of Credit Unions as will enable the Irish League of Credit Unions at its discretion to discharge its functions in relation to the credit union as determined in the Rules of the Irish League of Credit Unions or decided by a general meeting of the Irish League of Credit Unions;
    • make such returns to the Irish League of Credit Unions as may be required by the board of the Irish League of Credit Unions;
    • provide access to its premises to the officers and authorised representatives of the Irish League of Credit Unions;
    • allow the officers and authorised representatives of the Irish League of Credit Unions to attend and speak at any meeting of the credit union’s board of directors or members subject to reasonable notice;
    • co-operate with the Irish League of Credit Unions in the calling of a special general meeting of the credit union members in accordance with rule 97.
  6. On or before the 31st day of January in each year during the time the credit union is a member of the Irish League of Credit Unions each person who was a member on 30th September of the preceding year shall pay an annual League affiliation fee. The affiliation fee may be deducted by the credit union from the share account of the member and shall forthwith be paid to the League to assist in its functioning.
  7. Notice of intention to create any charge on the assets of the credit union shall be given to the Irish League of Credit Unions at least twenty one days before such charge is created.
  8. Subject to the Act and any regulations made thereunder, the forms used by the credit union shall contain as a minimum the information as set out in the forms contained in the Appendices to these rules, which forms may be amended from time to time by the Irish League of Credit Unions.
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