Michael Ahern (Cork East, Fianna Fail)

Co-operative societies and credit unions, for example, are covered under the Industrial and Provident Societies Acts. The amendment will increase the value of the shares that a member of a society may have to €150,000 or 1% of the society's total assets. An inadvertent omission in the Credit Union Act 1997 meant that an increase in one's shareholdings, testamentary nominations or intestacy transfers was not allowed. The amendments under discussion will correct that mistake.