PART 4Credit Unions
Common bonds12
1
Section 116 (registration under the Industrial and Provident Societies Act 1965) is amended as follows.
2
For subsection (2)(b) substitute—
b
that the requirements of section 1A (common bonds appropriate to a credit union) and, where applicable, section 1B (further requirements where common bond relates to locality) are met.
3
After subsection (3) insert—
3ZA
In subsection (3) above references to members do not include corporate members.
4
Omit subsections (3A) to (6).