AI Summary of 179. Judgments against a credit union.
Where a judgment creditor obtains a judgment, order or decree against a credit union for payment, the registrar or clerk of the court must notify the Bank promptly of the judgment, its terms, any appeal and the result. If, within 21 days or such further period as the court may allow from the date of the judgment the credit union does not pay all sums due or, in respect of costs, at its option give security in lieu of payment, the credit union shall be deemed unable to meet its obligations to its creditors and, for the purposes of section 133, to be unable to pay sums due and payable to its creditors.
If an appeal is instituted, the court that made the judgment or the court hearing the appeal may by order postpone the application of the 21‑day deeming provision for such period and on such terms as it specifies. The court may require the credit union to lodge in court an amount equal to the monies due (or a lesser amount the court directs) or to give security for payment of those monies together with such further sum or security for the costs of the appeal; any such order may be varied or revoked by the court that made it or by the court before which an appeal in relation to it is brought.
179. Judgments against a credit union.
(1) Whenever a person (in this section referred to as a "judgment creditor") obtains in any court a judgment, order or decree against a credit union for the payment of a sum of money due to the judgment creditor by the credit union, the registrar or clerk of the court concerned shall notify the Bank as soon as may be of the judgment, order or decree and of its terms and of any appeal against the judgment, order or decree and of the result thereof.
(2) Subject to subsection (3) if, within the period of 21 days or such further period as the court concerned may allow, beginning on the date of the judgment, order or decree, the credit union does not pay all moneys due (or in the case of costs, at the option of the credit union, give security therefor in lieu of payment) or satisfy all claims under the judgment, order or decree, the credit union shall be deemed to be unable to meet its obligations to its creditors and, accordingly, for the purposes of section 133, to be unable to pay sums due and payable to its creditors.
(3) If an appeal is instituted in any court against the judgment, order or decree, that court or the court by which the judgment, order or decree was made may by order postpone the application of subsection (2) for such period and, subject to subsection (4), on such terms as the court concerned may fix and specify in the order.