Paragraph 6

Section 6 (minimum number of members) is amended as follows.

In subsection (1), omit the words from “and, accordingly” to the end.

After that subsection insert—

“(1A)

Accordingly, references in the following provisions to 3 members are to be read as 21 members—

(a)

section 3(1)(a)(i) of the 2014 Act as it applies to an application for registration as a credit union;

(b)

section 5(3)(b) of that Act as it applies to the cancellation of a credit union's registration;

(c)

section 115(2) as it applies to the conversion of a company into a credit union.”