Paragraph 2 Specified financial activitiesI1I2

Section 1 (registration) is amended as follows.

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).”

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

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.”

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