Paragraph 13

(1)

Section 23 (conversion of company into credit union) is amended as follows.

(2)

Omit subsections (1) and (2).

(3)

In subsection (3) for “that section” substitute “ section 115 of the 2014 Act (conversion of company into a registered society) ”.

(4)

After subsection (4) insert—

“(5)
Section 116 of the 2014 Act (member's shareholding in company exceeds maximum permitted amount) does not apply in relation to the conversion of a company into a credit union.”