Interpretation

Interpretation

Rule 1. Interpretation

“the Act” means the Credit Union Act 1997;
“the Acts” means the Credit Union Acts 1997 to 2012;
“the 2012 Act” means the Credit Union and Cooperation with Overseas Regulators Act 2012;
‘amendment’ in relation to the rules of a credit union, includes a new rule, and a resolution rescinding a rule, of the credit union;
‘annual accounts’ has the meaning given by section 111(6) of the Act;
‘annual general meeting’ has the meaning given by section 78(1) of the Act;
‘Bank’ means the Central Bank of Ireland;
‘board of directors’ means the body which has general control, direction and management of a credit union and to which section 53 of the Act relates;
‘board oversight committee’ has the meaning given by section 76L of the Act;
‘books and documents’ includes accounts and records made in any manner, and ‘books or documents’ shall be construed accordingly;
‘business continuity’ and ‘business continuity plan’ have the meanings given to them, respectively, by section 76I of the Act;
‘chair’ has the meaning given by section 55A(2) of the Act;
‘civil partner’ has the same meaning as it has in the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010;
‘cohabitant’ has the same meaning as it has in the Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010;
‘common bond’ means a common bond falling within section 6(3) of the Act;
‘compliance officer’ has the meaning given by section 76D of the Act;
‘credit union’ means a society registered as such under the Act, including a society deemed to be so registered by virtue of section 5(3) of the Act;
‘financial services legislation’ where applicable to credit unions acting under any authorisation from the Bank provided for by law, means:

  • the designated enactments within the meaning of section 2 of the Central Bank Act 1942,
  •  the designated statutory instruments within the meaning of section 2 of the Central Bank Act 1942, and
  • the Central Bank Acts 1942 to 2011 together with the statutory instruments made
    under those Acts;

‘general meeting’ means an annual general meeting or a special general meeting;
‘manager’ means the individual appointed to the role of manager of the credit union under section 63A of the Act;
‘management team’ has the meaning given by section 55(1)(i) of the Act;
‘meeting’ includes, a meeting of delegates appointed by members;
‘member of the family’ in relation to any person, means that person’s father, mother, grandfather, grandmother, father-in-law, mother-in-law, spouse or civil partner, cohabitant, son, daughter, grandson, granddaughter, brother, sister, half-brother, half-sister, uncle, aunt, nephew, niece, first cousin, step-son, step-daughter, step-brother, step-sister, son-inlaw, daughter-in-law,
brother-in-law or sister-in-law;
‘Minister’ means the Minister for Finance;
‘nomination committee’ has the meaning given by section 56B(1) of the Act;
‘non-qualifying member’ has the meaning given by section 17(4) of the Act;
‘officer’ includes:

  • the chair, the secretary or any other member of the board of directors, a member of a
    principal committee, a member of the board oversight committee, risk management officer,
    compliance officer, credit officer, membership officer or credit control officer of the credit
    union,
  • an employee of the credit union to whom paragraph (a) does not apply, and
  • a voluntary assistant of the credit union,
    but does not include an auditor appointed by the credit union in accordance with the
    requirements of the Act;

‘organisation meeting’ has the meaning given by section 77(1) of the Act;
‘pass book’ includes any type of written statement of account;
‘persons claiming through a member’ includes the executors or administrators and assignees of a member and, where nomination is allowed, the member’s nominee;
‘prescribe’ has the meaning given by section 2 of the Act;
‘principal committee’ means a credit committee, credit control committee or membership
committee;
‘registered’ means for the time being entered in the register maintained by the Bank and ‘registration’ shall be construed accordingly;
‘risk management officer’ has the meaning given by section 76C(1) of the Act;
‘risk management system’ has the meaning given by section 76B(1) of the Act;
‘savings’ has the meaning given by section 27(1) of the Act;
“savings protection scheme” means the scheme established by the Irish League of Credit Unions to protect, in whole or in part, the savings of members of the credit union in the event of insolvency or other financial default on the part of the credit union and, for this purpose, “savings” includes shares, deposits and all other funds held by a credit union on behalf of its
members;
‘share’ means each sum of one euro standing to the credit of a member of the credit union in respect of shares in the register of members required by the Act to be kept by the credit union;
‘special general meeting’ shall be construed in accordance with section 79 of the Act;
‘special resolution’ means a resolution which is passed by a majority of not less than three quarters of such members of a credit union present and voting and who are for the time being entitled to vote in person at any general meeting of which notice, specifying the intention to propose the resolution, has been duly given according to the rules of the credit union;
‘strategic objectives’ has the meaning given by section 76A(1) of the Act;
‘strategic plan’ has the meaning given by section 76A(1) of the Act;
‘voluntary assistant’ means a member of the credit union who, although not a remunerated employee of the credit union, is engaged in any way in the operation of the credit union.

Rule 1A:
Any reference in these rules to a member present and voting at a general meeting shall be construed as including a reference to a member in attendance and voting at a general meeting conducted wholly or partly by the use of electronic communications technology.

The masculine shall, where necessary, include the feminine and the singular shall, where necessary, include the plural.

The marginal notes and headings are inserted for convenience of reference only and shall not affect the construction of these rules.

Reference to an Act or Regulations means the relevant Act or Regulations in force including every statutory extension, modification and re-enactment thereof from time to time in force.

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