Paragraph 16

(1)

Section 31 (interpretation etc) is amended as follows.

(2)

In subsection (1)—

(a)

insert (as the first definition)—

““the 2014 Act” means the Co-operative and Community Benefit Societies Act 2014;”;

(b)

in the definition of “credit union” for “the 1965 Act” insert “ the 2014 Act ”.

(3)

In subsection (2) for the words from the beginning to “the 1965 Act” substitute “ Sections 141, 143 to 146, 148 and 149 of the 2014 Act ”.

(4)

In subsection (3)—

(a)

for “the 1965 Act” substitute “ the 2014 Act ”;

(b)

for “sections 6, 12, 19, 21, 30 and 31.” substitute “ sections 22, 24, 26, 27, 32, 33 and 34 and paragraph 6 of Schedule 3. ”

(5)

In subsection (4)—

(a)

for the words from the beginning to “the 1965 Act” substitute “ The following provisions of the 2014 Act ”;

(b)

at the end insert

“—
(a)
section 67(1) (society with withdrawable share capital not to carry on the business of banking);
(b)
sections 77 and 78 (year of account);
(c)
section 81 (duty to display latest balance sheet);
(d)
section 89 (annual returns);
(e)
section 90 (duty to provide copy of annual return).”