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Amendment of section 29 of Principal Act (transfer of shares)
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14.Section 29 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of the following paragraph for paragraph (b):
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“(b) if the credit union so requires in any case, the transfer has the approval of the credit union.”,
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(b) by the substitution of the following subsection for subsection (3):
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“(3) If, in a case where the credit union has imposed a requirement under subsection (1)(b), the credit union refuses to approve the proposed transfer of shares in the credit union by a member, the member may appeal against the refusal to a Judge of the District Court for the district in which the registered office of the credit union is situated.”,
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and
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(c) in subsection (4), by the substitution of “credit union” for “board of directors”.
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