Credit Union (Amendment) Act 2023

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Amendment of section 21 of Principal Act (nomination of property in credit union)

11. Section 21 of the Principal Act is amended—

(a) by the substitution of the following subsection for subsection (3):

“(3) For the purpose of the disposal of any property which is the subject of a nomination under subsection (1), if, on the date of the nominator’s death, the amount of the nominator’s property in the credit union comprised in the nomination exceeds the amount standing specified, on that date, for the purposes of this subsection in an order made by the Minister under subsection (10), the nomination shall be valid to the extent of the amount standing so specified, but not further or otherwise.”,

(b) by the insertion of the following subsections after subsection (7):

“(8) The signature of a person making a written statement referred to in subsection (1) shall be witnessed by 2 other persons.

(9) Each of the witnesses referred to in subsection (8) shall witness the signature of the person making the statement by applying the witness’s own signature to the statement.

(10) The Minister may, after consultation with the Advisory Committee and such other body as the Minister considers appropriate in the circumstances, by order specify an amount for the purpose of subsection (3).”.