I move amendment No. 107:
In page 67, subsection (6)(b), lines 24 and 25, to delete "do not include the reserve required by section 45 but, subject to that,”.
The prison services credit union suggested the terminology in paragraph (b) is incorrect on the basis that a reserve is not an asset and vice versa.While I do not accept this to be the case — a reserve is clearly an asset — we have decided with the agreement of the parliamentary draftsman to remove reference to a reserve on the basis that it is unnecessary. He considers that the remaining part of the paragraph which indicates that such assets will be specified by the registrar from time to time for the purposes of the section is sufficient. The draftsman considers that the amendment brings the provision nearer to the precedent of section 39(9) of the building societies legislation of 1989.