WILLEMSTAD - On Thursday, the judge issued an emergency regulation for the savings and credit cooperative ACU. The Central Bank of Curaçao and Sint Maarten (CBCS) now has the green light to intervene.
Despite the decision of the General Members' Meeting to opt for a new governance model, the restructuring has not yet been approved. The tasks and powers of the Board and the Supervisory Board are clearly described in the new articles of association. This was not the case before and that creates a source of disagreement within ACU.
The CBCS requested the judge on Thursday to pronounce the emergency regulation. This means that the Central Bank, as supervisor, has the power to intervene at ACU to ensure that the restructuring is actually adopted and implemented.
According to the judge, it is established that ACU has not been able to achieve a restructuring for some time, as determined by the CBCS. The judge has therefore pronounced the emergency regulation that gives the Central Bank the legal power to take decisions in the place of the members. "That is an infringement of the freedom of association, but an infringement that is based on the law and is justified," said the judge.