I move amendment No. 6:
In page 15, subsection (1), lines 43 and 44, to delete paragraph (a) and substitute the following:
"(a) the society is formed for the objects specified in paragraphs (a) to (c) of subsection (2) and for no other purposes beyond those specified in paragraphs (d) to (g) of that subsection;".
This amendment has arisen as the result of representations made to me by the Irish League of Credit Unions and a number of individual credit unions. In section 2(1)(a) of the 1996 Act only three objects are specified. These objects are reproduced in paragraphs (a), (b) and (c) of subsection (2) of section 6 of this Bill. The remaining objects in subsection (2) are new and reflect developments in a number of credit unions subsequent to the 1966 Act. They also cover the provision by credit unions of additional services on an improved basis. However, the point has been made to me that the core purposes of a credit union, as expressed from paragraphs (a) to (c), should be mandatory and the remaining objects in paragraph (d) to (g) should be optional.
Paragraph (a) of subsection (1) currently states "the society is formed for one or more of the objects specified in subsection (2) and for no other purposes". This can be interpreted as meaning that a credit union could be formed for only one of the objects mentioned in subsection (2). However, any one object would not effectively describe a credit union's purpose and consequently I accept that objects (a), (b) and (c) in subsection (2) should be mandatory, while the remaining objects be made optional. This is the purpose of the proposed amendment.
