I move amendment No. 1:
1. In page 4, to delete lines 4 to 16, and substitute:
"2 (1) (a) Notwithstanding anything in the Industrial and Provident Societies Acts, 1893 to 1936, a society which may be registered under those Acts shall include a co-operative society which consists of persons each of whom has, in relation to all the other members of the society, not less than one of the common bonds set out in paragraph (b) of this subsection, and is formed for the following objects—
(i) the promotion of thrift among its members by the accumulation of their savings,
(ii) the creation of sources of credit for the benefit of its members at a fair and reasonable rate of interest, and
(iii) the use and control of members' savings for their mutual benefit.
(b) The common bonds referred to in paragraph (a) of this subsection are—
(i) the common bond of association (other than for the purpose of forming or conducting a credit union);
(ii) the common bond of occupation;
(iii) the common bond of residence or employment within a particular locality;
(iv) the common bond of employment by a common employer;
(v) the common bond of membership of a bona fide organisation.
(c) The registrar may, at his discretion, register as a credit union a society the rules of which require a common bond or common bonds among its members of a nature not provided for in paragraph (b) of this subsection."
This is mainly a drafting amendment. It is considered desirable to ensure that the text of the Bill should not even appear to be at variance with the principle that the common bond must exist between each member and all other members.
As regards paragraph (b) (i), the words "other than for the purpose of forming or conducting a credit union" are being introduced now for the first time. Their object is to ensure that the mere getting together of people for the purpose of forming a credit union cannot be put forward as a "common bond of association"; there must also exist some other common interest or involvement between the people concerned.