Credit Unions Act 1979
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Change 1
18 Power to appoint inspector and call meeting.
(1) Without prejudice to section 106 of the 2014 Act (appointment of inspector or calling of special meeting upon application of members of registered society), where the FCA or the PRA is of the opinion that , for reasons connected with the exercise of its functions under this Act or the 2014 Act ,an investigation should be held into the affairs of a credit union or that the affairs of the credit union call for consideration by a meeting of the members, it may appoint an inspector to investigate and report on the affairs of the credit union or may call a special meeting of the credit union, or may (either on the same or on different occasions) both appoint such an inspector and call such a meeting. (2) All expenses of and incidental to an investigation or meeting held pursuant to subsection (1) above shall be defrayed out of the funds of the credit union, or by the members or officers or former members or officers of the credit union in such proportions as the FCA or the PRA shall direct. (3) Section 107 of the 2014 Act (power to prescribe time and place of meeting, procedure, power to require evidence to be given, etc.) shall apply in relation to an inspector appointed or meeting called in accordance with this section. (4) The FCA and the PRA must each notify the other before appointing an inspector or calling a meeting under subsection (1) in relation to a society which is a PRA -authorised person.
18 Power to appoint inspector and call meeting.
(1) Without prejudice to section 106 of the 2014 Act (appointment of inspector or calling of special meeting upon application of members of registered society), where the FCA or the PRA is of the opinion that , for reasons connected with the exercise of its functions under this Act or the 2014 Act ,an investigation should be held into the affairs of a credit union or that the affairs of the credit union call for consideration by a meeting of the members, it may appoint an inspector to investigate and report on the affairs of the credit union or may call a special meeting of the credit union, or may (either on the same or on different occasions) both appoint such an inspector and call such a meeting. (2) All expenses of and incidental to an investigation or meeting held pursuant to subsection (1) above shall be defrayed out of the funds of the credit union, or by the members or officers or former members or officers of the credit union in such proportions as the FCA or the PRA shall direct. (3) Section 107 of the 2014 Act (power to prescribe time and place of meeting, procedure, power to require evidence to be given, etc.) shall apply in relation to an inspector appointed or meeting called in accordance with this section. (4) The FCA and the PRA must each notify the other before appointing an inspector or calling a meeting under subsection (1) in relation to a society which is a PRA -authorised person.
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