I move amendment No. 11:
In page 18, subsection (6), line 22, to delete "Every" and substitute "As soon as practicable, every".
This amendment arose from representations I received from the Irish League of Credit Unions. Section 10(6) essentially requires every credit union to have its registered name clearly displayed on the outside of its offices, its seal and various specified credit union documents. The point has been made to me that it may not always be the case that a credit union can comply with this obligation. For instance, a credit union might occasionally use a temporary premises, such as a community hall, to conduct certain business. Also, in starting up there may be a period where the name of the credit union may not be written on its cheque books.
We initially sought to meet this point by having the Registrar give a dispensation to this general provision. However, it was not considered appropriate that such a derogation should be given for a contravention of this subsection which is regarded as an offence under the Bill. Accordingly, on the advice of the Government's legal advisers, it has been decided to recognise such exceptional circumstances by requiring the credit union to comply with the obligations in this subsection "as soon as is practicable". That is the purpose of the amendment.
