Clause 24

by deleting the words “18 years” in subsection (1)(a)(i) and substituting the words “16 years”; and

by inserting, immediately after subsection (3), the following subsections:“(3A) Notwithstanding subsections (1), (2) and (3), membership of individuals in a credit society shall be restricted to individuals who belong to a field of membership consisting of a pre-existing common bond of association or community of interest among the members thereof.(3B) In determining whether the criterion for membership in a credit society prescribed in subsection (3A) is met, regard shall be had to —

whether the members have the same or a similar occupation or profession, are employed by a common employer, or are employed within the same business district or commercial area;

whether the members have common membership in a religious, social, co-operative, labour, educational or other association or organisation;

whether the members reside, work or worship within the same defined community, district or electoral division; and

such other considerations as the Registrar may determine to be relevant.(3C) Subsection (3A) shall not apply to any person who, immediately before the date of commencement of the Co-operative Societies (Amendment) Act 2008, is a member of any society which provides any financial service and which continues to provide such financial service from that date as a credit society, whether by virtue of paragraph 1 of the Schedule to the Co-operative Societies (Amendment) Act 2008 or otherwise.”.