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Application of Principal Act to credit unions and consequential provisions.
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3.—(1) The provisions of the Principal Act are hereby applied to credit unions save in so far as is otherwise provided by this Act.
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(2) Notwithstanding anything in the Industrial and Provident Societies Acts, 1893 to 1936, or the Friendly Societies Acts, 1896 to 1953, the registrar shall not after the commencement of this Act register, otherwise than as a credit union under the Principal Act, any society the objects or proposed objects of which are wholly or substantially those of a credit union.
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(3) If at any time the registrar is satisfied that any society registered under the Industrial and Provident Societies Acts, 1893 to 1936, or the Friendly Societies Acts, 1896 to 1953, other than a credit union is carrying on its affairs in such manner that its objects are wholly or substantially those of a credit union he may, notwithstanding anything in those Acts, direct that society to cease all its activities or some specified activities or wind up its affairs within a period to be specified in his direction or alternatively to register by virtue of this Act as a credit union within that period and such society shall comply with such direction within the period so specified.
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(4) Subsection (3) of this section shall not apply to any society registered under the Industrial and Provident Societies Acts, 1893 to 1936, between the 24th day of January, 1962, and the 31st day of August, 1966, the objects of which have at all times been wholly or substantially those of a credit union.
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