SCHEDULES

SCHEDULE 4Consequential amendments

Part 1Amendments of the Credit Unions Act 1979

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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.