SCHEDULES

SCHEDULE 14Credit unions

I1I22Specified financial activities

1

Section 1 (registration) is amended as follows.

2

After subsection (2) insert—

2A

The objects of a credit union are—

a

each of the mandatory objects specified in subsection (3), or

b

each of those mandatory objects together with the optional object specified in subsection (3ZZA).

3

In subsection (3), in the words before paragraph (a), before “objects” insert “mandatory”.

4

After subsection (3) insert—

3ZZA

The optional object of a credit union is to carry on one or more of the financial activities specified in section 1ZA(1) for the benefit of the members of the society.

5

In subsection (3ZA), for “subsection (3)” substitute “subsections (3) and (3ZZA)”.