Wednesday, 7 May 2014
Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Bill 2013: Committee Stage
This section abolishes the requirement for societies to submit at least once every three years a return, or triennial return, of the members and their holdings to the registrar. That seems to go against what the Minister of State said in that it is relaxing the conditions. If we have fears, let us see who the members are every three years and what their holdings are. I support what the Minister of State just said in suggesting that the amendment weakens regulation when it is the case that we should not weaken the regulation.