Management - General Provisions

Management – General Provisions

Rule 92. Limit on remuneration

  1. The credit union shall not pay any remuneration, directly or indirectly, to:
    • a director of the credit union, or
    • a member of the board oversight committee, credit committee, credit control committee or membership committee,
    • for any service performed by that person in that capacity.
  2. Nothing in paragraph (1) shall be regarded as prohibiting the payment (or reimbursement) of expenses:
    • which are necessarily incurred by a director or committee member in the course of performing any service on behalf, or for the benefit, of the credit union; and
    • which are approved by a majority of the directors voting at a meeting of the board of directors.
  3. Nothing in paragraph (1) shall be regarded as prohibiting any officer or voluntary assistant of the credit union, acting not as such but in his professional capacity, from tendering for the supply of, and if successful supplying, goods or services to the credit union.


Rule 93. Confidentiality of information

  1. Subject to paragraph (2), during his term of office or at any time thereafter, an officer or voluntary assistant of the credit union shall not disclose or permit to be disclosed any information which concerns an account or transaction of a member with, or any other business of, the credit union.
  2. Paragraph (1) does not apply to a disclosure of information:
    • if or to the extent that it is necessary for the proper conduct of the business of the credit union; or
    • which is required by a court in connection with any proceedings; or
    • which is made with the consent of the person to whom the information relates and, where not the same person, of the person from whom the information was obtained; or
    • which, in a case where the credit union is acting or has acted as agent for a person, is made to that person in respect of that capacity; or
    • where the information is in the form of a summary or collection of information and is so framed as not to enable information relating to a particular member to be ascertained from it; or
    • which, in the opinion of the Bank, is necessary for the protection of the funds of shareholders in or depositors with the credit union or to safeguard the interests of the credit union; or
    • which is made to the Bank or the Irish League of Credit Unions for the purposes of their functions in relation to credit unions; or
    • which is made to the Credit Union Restructuring Board for the purposes of its functions under the, 2012 Act.
  3. As soon as practicable after the beginning of his term of office every officer of the credit union shall, in such manner as the Bank may determine:
    • be informed by the credit union of his obligations under this rule; and
    • in writing acknowledge that he has been so informed and understands his obligations.
    • To that effect, immediately on election or appointment, or as soon as possible thereafter, such persons shall sign a declaration of secrecy form and such signing shall be renewed annually while the positions referred to are held.
  4. Any reference in the preceding provisions of this rule to a term of office means:
    • in relation to an officer who is an employee, the period of his employment; and
    • in relation to a voluntary assistant, the period during which he is engaged in the operation of the credit union.


Rule 94. Persons disqualified from acting

  1. A person who has been adjudicated bankrupt and whose bankruptcy still subsists or who has been convicted of an offence in relation to a credit union or an offence involving fraud or dishonesty shall not:
    • sign an application form for the registration of a society as a credit union;
    • be qualified to be appointed or to act as an officer, auditor, receiver or liquidator of the credit union; or
    • directly or indirectly take part in or be concerned in the management or operation of the credit union; or
    • permit his name to be put forward for election or appointment to any of the positions referred to in paragraph (b).
  2. If a person who is a member of the board of directors, the board oversight committee or a principal committee of the credit union is adjudicated bankrupt or convicted of such an offence as is referred to in paragraph (1), he shall forthwith cease to hold his office and the vacancy thereby created shall be deemed to be a casual vacancy and be filled accordingly.
  3. A decision of the board of directors of the credit union shall not be affected by the presence at a meeting of the board of directors of a person who, by virtue of this rule, is disqualified from being a director; but any vote which such a person purports to cast shall be disregarded.
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