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Amendment of section 6 of Principal Act (conditions for registration as a credit union)
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4. Section 6 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “Subject to subsection (6), a society may be registered” for “A society may be registered”,
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(b) in subsection (2)—
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(i) by the substitution of the following paragraph for paragraph (a):
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“(a) the promotion of the accumulation of savings by its members;”,
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(ii) in paragraph (d), by the substitution of “the use of money” for “the wise use of money”,
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(iii) by the deletion of paragraph (e), and
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(iv) in paragraph (f), by the substitution of “of the well-being of the members’ community; and” for “of the well-being and spirit of the members’ community; and”,
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and
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(c) by the insertion of the following subsections after subsection (5):
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“(6) A society may be registered under this Act as a credit union where all of the members of the society are credit unions and the Bank is satisfied that each of the following conditions is fulfilled:
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(a) the society is formed—
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(i) for no object other than—
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(I) to provide services to those credit unions and their members, and
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(II) the objects specified in paragraphs (a) to (c) of subsection (2),
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and
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(ii) for no other purposes beyond those specified in paragraphs (d) to (g) of subsection (2);
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(b) each of its members share the common bonds of a corporate credit union;
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(c) its rules comply with section 13;
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(d) the place which under those rules is, or is to be, the society’s registered office is in the State;
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(e) it has in force (or will have in force if registered) such a policy of insurance as is required by section 47.
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(7) The common bonds of a corporate credit union are—
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(a) that each of its members is a credit union (other than a corporate credit union), and
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(b) the additional qualifications, if any, which are stated in its rules to be required for admission to membership of the society.
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(8) In ascertaining whether the members of a society share the common bonds of a corporate credit union, in a case in which the society has stated in its rules additional qualifications which are required for admission to membership of the society, the Bank shall have regard to those qualifications.
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(9) A society registered in accordance with subsection (6) may promote collaboration between its members and enhance the services provided by its members to their members.
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(10) Where a website is maintained by or on behalf of a credit union, the credit union shall publish, on the website maintained by it or on its behalf, as the case may be—
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(a) a description of the common bond of the credit union, or
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(b) where the common bond of the credit union is or includes that specified in paragraph (b) of subsection (3), a map on which the locality concerned is marked.
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(11) Where no website is maintained by or on behalf of a credit union, the credit union shall include in its annual accounts—
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(a) a description of the common bond of the credit union, or
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(b) where the common bond of the credit union is or includes that specified in paragraph (b) of subsection (3), a map on which the locality concerned is marked.”.
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