Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

I move amendment No. 6:

6. In page 6, lines 37 and 38, to delete all words from and including “the” in line 37 down to and

including line 38 and substitute the following:

“each of the following conditions is fulfilled:

(a) the society is formed—

(i) for no object other than—

(I) to provide services to those credit unions and their members,

and

(II) the objects specified in paragraphs (a) to (c) of subsection (2),

and

(ii) for no other purposes beyond those specified in paragraphs (d) to (g) of subsection (2);

(b) each of its members share the common bonds of a corporate credit union;

(c) its rules comply with section 13;

(d) the place which under those rules is, or is to be, the society’s registered office is in the State;

(e) it has in force (or will have in force if registered) such a policy of insurance as is required by section 47.

(7) The common bonds of a corporate credit union are—

(a) that each of its members is a credit union (other than a corporate credit union), and

(b) the additional qualifications, if any, which are stated in its rules to be required for admission to membership of the society.

(8) In ascertaining whether the members of a society share the common bonds of a corporate credit union, in a case in which the society has stated in its rules additional qualifications which are required for admission to membership of the society, the Bank shall have regard to those qualifications.

(9) A society registered in accordance with subsection (6) may promote collaboration between its members and enhance the services provided by its members to their members.”.