Amendments Nos. 60, 61 and 82 are related and may be discussed together by agreement. Is that agreed? Agreed.
SECTION 43.
I move amendment No. 60:
In page 36, subsection (1), lines 36 and 37, to delete "part of its surplus funds (as ascertained under section 45) which is" and substitute "of its funds which are surplus to its operating requirements and are".
These amendments again arise from suggestions from the League of Credit Unions. As presently drafted, section 43(1) relates surplus funds to the surplus funds of a credit union in respect of a particular year. This is too limited a term because decisions by credit unions on investing their funds are made on a more regular basis. Accordingly, it is considered appropriate that the term "funds surplus to a credit union's operating requirements" should be substituted. This is the purpose of the amendments to subsections (1) and (2) of this section. A consequential amendment is required in section 55(g).
Amendment agreed to.
I move amendment No. 61:
In page 37, subsection (2), line 4, to delete "surplus funds of a credit union" and substitute "such funds of a credit union as are referred to in subsection (1)".
Amendment agreed to.
Section 43, as amended, agreed to.