Dáil Éireann Debate, Wednesday - 10 March 2021
283. Deputy Thomas Gould asked the Minister for Finance the length of time that may lapse between annual general meetings before the board of a credit union is under an obligation to convene such a meeting; and if the matter was affected by the Finance (Miscellaneous Provisions) Act 2020 or any Covid-19 measures related legislation. [12788/21]
View answerSection 78(2) of the Credit Union Act 1997 provides that the annual general meeting of a credit union in respect of any financial year to 30 September shall be held in the October, November, December or January following the end of that financial year.
The Finance (Miscellaneous Provisions) Act 2020 provides that the annual general meeting of a credit union for the financial year ended September 2020 may be held at any time during the interim period, which is set to expire on 30 April 2021. The interim period is extendable on the basis set out in the 2020 Act.
Under normal circumstances, the maximum length of time that may lapse between annual general meetings is therefore 16 months. However, in respect of the financial year end 30 September 2020 only, given the extended time provided by which credit unions must hold their AGMs under the 2020 amendments, the maximum period of time that may lapse between the AGM for 2020 and the previous AGM (i.e. the AGM held in respect of the financial year end 30 September 2019) is 19 months.
