Hon John Banks, in Committee, to move the following amendments:
Clause 11: new section 44Q
In clause 11, new section 44Q(1), delete
“calendar” (line 17 on page 26).
Clause 30: new section 112C
In clause 30, new section 112C(1), delete
“calendar” (line 19 on page 59).
In clause 36(1), after new section 166(1)(eb) (after line 18 on page 77), insert:
Replace clause 48(6) and (7) (line 36 on page 81 to line 9 on page 82) with:
Clause 84: new section 107A
After new section 107A(3) (after line 23 on page 97), insert:
New clause 91A
After clause 91 (after line 8 on page 99), insert:
91A New heading and sections 117A to 117D inserted
The following heading and sections are inserted after section 117:
“Distribution to members
“117A Meaning of distribution
“117B Distribution must be authorised
A distribution must be authorised in writing by the committee, or committee of management, as the case may be, of the credit union.
“Compare: 2008 No 1 s 40
“117C Distribution must not be authorised unless credit union solvent
The committee, or committee of management, as the case may be, of the credit union must not authorise a distribution unless the committee is satisfied on reasonable grounds that, immediately after the distribution is made, the credit union will be solvent.
“Compare: 2008 No 1 s 41
Clause 126: new section 82C
In clause 126, new section 82C(1), delete
“calendar” (line 33 on page 121).
In clause 131(1), after new section 119(1)(hb) (after line 7 on page 139), insert:
This Supplementary Order Paper amends the following clauses of the Regulatory Reform Bill:
clauses 11, 30, and 126 (which amend the Agricultural Compounds and Veterinary Medicines Act 1997, the Animal Products Act 1999, and the Wine Act 2003, respectively), to remove a redundant word from a provision inserted in each Act:
clauses 36 and 131 (which amend the Animal Products Act 1999 and the Wine Act 2003, respectively), to add to each Act a power to make regulations prescribing particulars that must be contained in the public register kept under the Act:
clause 48 (which amends Schedule 1 of the Companies Act 1993), to clarify that shareholders of a company may cast a postal vote by electronic means permitted by the board:
clause 84 (which amends the Friendly Societies and Credit Unions Act 1982), to include a provision (new section 107A(3A)) that requires a credit union to write down the value of its credit union securities if it incurs losses that exceed its retained earnings and reserves.
This Supplementary Order Paper also inserts a new clause 91A, which will add new sections 117A to 117D to the Friendly Societies and Credit Unions Act 1982. These new provisions deal with distributions, relating to credit union securities, to members of credit unions. They include a definition of distribution, impose obligations (which must be satisfied before a distribution can be authorised) on committees (or committees of management) of the credit unions, and specify a solvency test to be applied by committees in relation to distributions.