Amendments Nos. 35 and 66 to 69, inclusive, are related and may be discussed together. Is that agreed? Agreed.
SECTION 28.
I move amendment No. 35:
In page 28, subsection (5), lines 28 and 29, to delete "reserve required by section 45” and substitute “statutory reserve”.
The change I propose to section 28(5) is a direct consequence of a change being made to section 45. The purpose is to distinguish the requirement for a reserve in section 45 from any other reserves, for example, a dividend reserve, which many credit unions hold as a matter of financial prudence. Consequently, it is proposed to adopt the phrase "statutory reserve" in the Bill wherever reference is made to the section 35 reserve. It arises in this subsection and, therefore, the amendment is necessary. I also propose that the same changes be made to section 45. Amendments Nos. 66, 67, 68 and 69 relate to these changes.
Amendment agreed to.
Section 28, as amended, agreed to.