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

I move amendment No. 8:

8. In page 8, to delete lines 2 to 10 and substitute the following:

“6. Section 13 of the Principal Act is amended, in subsection (1)—

(a) by the substitution of the following paragraph for paragraph (a):

“(a) in the case of a credit union, other than a corporate credit union, provisions with respect to the matters specified in the First Schedule,”,

and

(b) by the insertion of the following paragraph after paragraph (a):

“(aa) in the case of a corporate credit union, provisions with respect to the matters specified in the Sixth Schedule, and”.”.

This amendment is grouped with others in group 3. The grouping addresses the following issues: changes to the first schedule to take account of corporate credit unions, the inclusion of a new sixth schedule which will set out the rules of a corporate credit union, membership of a credit union, the range of bodies that can be considered for membership of a credit union, provision by ministerial order to designate certain public bodies as being eligible for membership of a credit union, removal of operational tasks from the board of directors, changes to lending processes to allow for loan participation and loan syndication - an amendment to section 36 regarding revised processes for loan approval is currently being drafted and will be brought forward on Report Stage - amendments to section 37 regarding a broadening of membership of appellate bodies and consequential amendments following from the establishment of corporate credit unions which affect a range of sections.