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Amendment of section 32 of Principal Act (restrictions on withdrawal of shares and deposits)
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16.Section 32 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “from a member of the member’s intention” for “from a member of his intention”,
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(b) in subsection (2), by the substitution of “from a member of the member’s intention” for “from a member of his intention”, and
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(c) in subsection (3), by the substitution of the following paragraph for paragraph (a):
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“(a) If a member of a credit union seeks to withdraw savings in the credit union at a time when the member has an outstanding liability (including a contingent liability) to the credit union, whether as borrower, guarantor or otherwise, that withdrawal shall only be permitted—
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(i) if the savings are not attached savings, or
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(ii) where the savings are attached savings, if the withdrawal of such attached savings is approved by the credit committee or a credit officer.”.
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