s4Inserts new section 4A requiring the Authority to determine if proposed directors and senior officers are fit and proper persons.
Section 5
LG28/S7 —
s5Adds a new subsection (5) stating that registration is not possible without the determination of the Authority regarding the fitness and propriety of proposed directors and senior officers.
Section 7
LG28/S7 —
s7Inserts a new subsection (1A) prohibiting the Registrar from approving an application for registration if the proposed directors and senior officers have not been determined to be fit and proper persons by the Authority.
Section 29
LG28/S7 —
s29Adds new subsections (4)-(7) restricting the transfer of shares representing ten percent or more of total voting rights without prior approval from the Authority, which must assess whether acquiring persons are fit and proper.
Section 38
LG28/S7 —
s38Inserts new section 38A requiring a credit union to obtain the Authority's approval before appointing directors or senior officers who must be fit and proper persons.
Section 39
LG28/S7 —
s39Inserts new section 39A detailing obligations of auditors, including reporting suspicious activities to the Authority and potential disqualification for non-compliance.
Section 40
LG28/S7 —
s40Adds a new paragraph (aa) allowing the Authority to assess fitness and propriety of persons required under this Law and notify the Registrar of determinations.
Section 41
LG28/S7 —
s41Adds a new paragraph (aa) stating that an Authority may take action if a credit union has a director or senior officer who is not fit and proper.