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Amendment of section 14 of Principal Act (amendment of registered rules)
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7. Section 14 of the Principal Act is amended—
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(a) by the substitution of the following subsection for subsection (2):
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“(2) An amendment of the registered rules of a credit union shall not be valid until the amendment has been registered under this Act, for which purpose a copy of the amendment—
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(a) in the case of a credit union other than a corporate credit union, signed by 4 members, one of whom shall be the secretary and another a director, and
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(b) in the case of a corporate credit union, signed on behalf of not less than 2 members by the secretary of each of those members,
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shall be sent to the Bank.”,
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(b) by the substitution of the following subsection for subsection (4):
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“(4) Except where the Bank is satisfied that an amendment of a credit union’s rules sent to it under subsection (2) is not in the interests of the proper and orderly regulation of the credit union, the Bank shall issue to the credit union, within 3 months of its receipt of the amendment, an acknowledgement of registration which, unless the contrary is proved, shall be sufficient evidence that the amendment is duly registered.”,
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(c) in subsection (5), by the substitution of “in the interests of the proper and orderly regulation of the credit union” for “not contrary to the financial services legislation”, and
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(d) by the insertion of the following subsections after subsection (8):
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“(9) Notwithstanding anything in the rules of a credit union, the board of directors may, by resolution passed during the second transitional period, make such amendments of the rules of the credit union as may be consequential on the provisions of the Credit Union (Amendment) Act 2023.
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(10) For the purposes of subsection (9), the second transitional period is the period of one year from the commencement of section 7(d) of the Credit Union (Amendment) Act 2023 or such longer period as may be determined by the Bank.
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(11) Notwithstanding anything in subsection (4), after the expiry of one year from the commencement of section 7(d) of the Credit Union (Amendment) Act 2023, the Bank shall not be required to register any amendment of a credit union’s rules unless such consequential amendments of the registered rules as are mentioned in subsection (9) either—
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(a) have been made before the Bank receives the amendment, or
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(b) are to be effected by the amendment.”.
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