I move that the Committee agree with the Seanad in amendment No. 1:
Section 3:
A new subsection added to the section as follows:—
"(4) Subsection (3) of this section shall not apply to any society registered under the Industrial and Provident Societies Acts, 1893 to 1936, between the 24th day of January, 1962, and the 31st day of August, 1966, the objects of which have at all times been wholly or substantially those of a credit union."
I put down this amendment following representations made by some Senators to the effect that the community development movement might be adversely affected by the operation of the Bill. Accordingly, I have so amended the Bill as to allow the existing 12 units of the community development movement to be registered under this Bill in due course. A further five, which are in course of formation, can also be registered prior to 31st August next. We expect that will give sufficient time to enable these additional five units to be duly registered.