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Amendment of section 161 of Principal Act (proposals for compromise or scheme of arrangement)
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64. Section 161 of the Principal Act is amended by the substitution of the following subsection for subsection (6):
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“(6) For the purposes of this section and sections 162 and 163, the interest of a member of a credit union in the credit union is impaired if—
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(a) the member is deprived of all or any part of the rights accruing to the member by virtue of the member’s shareholding in, or membership of, the credit union, or
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(b) the member is deprived of the whole or part of the member’s shareholding in the credit union.”.
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