I move amendment No. 70:
In page 39, subsection (1), line 4, to delete "by directions given".
SECTION 46.
Amendment agreed to.
I move amendment No. 71:
In page 39, lines 12 to 22, to delete subsection (3) and substitute the following:
"(3) It shall be a condition of the approval of a savings protection scheme under subsection (1) that sections 90 and 91 shall apply in relation to it as they apply in relation to a credit union.
(4) Where a credit union participates in a savings protection scheme approved under subsection (1), authorised representatives of the scheme shall be entitled to inspect the books of the credit union.”.
This amendment follows on from the previous amendment which we have just taken. In the discussions between my Department and the league, I undertook to remove subsection (3) on the basis that the Registrar would be given the right to inspect the savings protection scheme to which a credit union might be affiliated. The new subsection (3) gives effect to this provision by relating it to the Registrar's general right of inspection of credit unions under sections 90 and 91.
The new subsection (4) is a direct response to a separate request from the league that authorised representatives of a savings protection scheme should have the right to inspect the books of a credit union.
Amendment agreed to.
Question proposed: That section 46, as amended, stand part of the Bill."
This involves the Registrar. As I understand it, all credit unions must have a statutory audit carried out by a recognised firm of auditors. Is that not sufficient protection for the members and the saving protection scheme?
I have agreed with the league to give the Registrar the right to inspect. He has that general right in any event and it is correct that he should retain it.
Can the Registrar visit any credit union at any time to examine the books?
Yes.
Question put and agreed to.
Section 47 agreed to.