AI Summary of 96. Removal or suspension of directors and members of board oversight committee.
The Bank may, where it is of the opinion following exercise of powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013 or an investigation under section 92 that it is necessary in the interest of members or creditors or for the orderly regulation of a credit union, remove from office or suspend for a period not exceeding three months all or any directors or members of the board oversight committee. Any removal or suspension is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.
If a removal is confirmed on appeal the vacancy is treated as a casual vacancy and the removed person is disqualified for five years from holding office as an officer or auditor of a credit union. While a director or member is suspended the remaining directors or members constitute the board; no claim lies against the Bank, the Minister or the State for any loss of office arising directly or indirectly from these provisions.
96. Removal or suspension of directors and members of board oversight committee.
(1) Where the Bank is of the opinion, after the exercise by an authorised officer of any of his or her powers under Part 3 of the Central Bank (Supervision and Enforcement) Act 2013 or after an investigation under section 92, that it is necessary to do so in the interest of the members or creditors of a credit union or of the orderly and proper regulation of the business of a credit union, it may -
(a) remove from office, or
(b) suspend from office for such period not exceeding three months as the Bank considers appropriate,
all or any of the directors or members of the board oversight committee of the credit union.
(2) The removal or suspension from office by the Bank of a director or member of the board oversight committee of a credit union under subsection (1) is an appealable decision for the purposes of Part VIIA of the Central Bank Act 1942.