I move amendment No. 121:
In page 88, subsection (4)(c), line 17, to delete "two members" and substitute "a member".
Section 111(4) requires the accounts of a credit union to be signed by the treasurer, two board members and a member of the supervisory committee. In their submission to me, the Irish League of Credit Unions has argued that it is excessive to have four individuals sign the annual accounts. Having regard to the fact that the treasurer is already a board member, it is a valid point that there is an element of overkill in requiring two other directors to sign. In this amendment, I am proposing to substitute a requirement that only one member of the board of directors other than the treasurer, rather than two members as currently indicated in the subsection, be required to sign the accounts. I am maintaining the provision that a member of the supervisory committee should continue to sign the accounts given that this committee is a unique entity in credit unions and given that one of its specific duties, under section 61, is to regularly review the books and documents of the credit union. The effect of my amendments is to require three persons to sign the annual accounts, namely, the treasurer, a member of the supervisory committee and one member of the board of directors.
