I move amendment No. 140:
In page 128, subsection (2), line 33, to delete paragraph (c) and substitute the following:
(c) the credit union;
(d) the savings protection scheme in which the credit union participates; and".
Section 163(2) specifies the persons entitled to appear and be heard at a hearing of the court to consider the examiner's proposals for a compromise or scheme of arrangement in respect of a credit union. The present subsection lists the persons involved as the examiner, the Registrar, a credit union and certain creditors or members of a credit union. The League of Credit Unions suggested that this should be extended to specifically cover, inter alia, the savings protections scheme of which a credit union, under court protection, is a member. As the examiner’s compromise scheme of arrangement might involve a call on the resources of the savings protection scheme, there is merit in including such a specific reference in the subsection. Accordingly, the parliamentary draftsman prepared this amendment at my request and I commend it to the committee.