Amendments Nos. 16 and 17 are related and both may discussed together by agreement.
SECTION 14.
I move amendment No. 16:
In page 21, subsection (4), line 13, to delete "six" and substitute "three".
It is has been a frequent criticism of the Bill by the Irish League of Credit Unions, that the Registrar's powers are too wide. It is not a criticism with which I generally agree but I have looked afresh, in consultation with the Government's legal advisers, at a number of provisions at the request of the league.
Section 14(4) currently requires the Registrar to issue to a credit union within six months an acknowledgement that he has registered an amendment of the credit union's rules. Subsection (5) similarly provides that he must act within six months of his receipt of the amendment to issue a notice to the credit union of his refusal to register the amendment, specifying the grounds for his refusal.
In the light of representations I have received, I have decided to cut both six month periods to three months. This period provides the Registrar with sufficient time to examine the compatibility of a credit union's amended rules with the provisions of the Bill, even in cases where matters might give cause for serious attention on his part. However, I expect the Registrar would be able to deal with the majority of applications he would receive from credit unions in this context within a much shorter time scale.
I welcome the change of heart in this amendment. I congratulate the Irish League of Credit Unions for its lobbying and continuous efforts to improve that section and the Opposition for exposing and highlighting this at a number of Stages, although we have been criticised for continuing the debate in the House. That has all paid off now and we are reaping the rewards today. While the Minister of State was critical of what took place in the Dáil, he must admit it worked and has paid off handsomely for the Irish League of Credit Unions.
I am a bit worried by all the compliments being paid to the Minister of State. One would not think there was a general election on the horizon.
It is lucky such a responsible Minister handled the matter.
Deputy Sheehan speaks rarely but he speaks great sense when he does.
Amendment agreed to.
I move amendment No. 17:
In page 21, subsection (5)(a), line 20, to delete "six" and substitute "three".
Amendment agreed to.
Section 14, as amended, agreed to.
Sections 15 and 16 agreed to.