Clause 12

by deleting the words “without the written approval of the Registrar” in subsection (1);

by deleting subsection (2) and substituting the following subsection:“(2) A non‑credit society that intends to provide any financial service must apply to the Registrar, in such manner as may be prescribed, for the Registrar’s written approval to become a credit society.”;

by deleting subsection (5) and substituting the following subsection:“(5) The Registrar may grant the written approval if the Registrar is satisfied that all of the following requirements will be met upon the conversion of the non‑credit society to a credit society:

the primary object of the society is to provide any financial service;

the provision of the financial service is in the interests of the members of the society;

the by‑laws of the society are, or are amended under section 15 to be, consistent with the criterion in section 39(3A) for membership in the society;

there is available sufficient capital for the provision of the financial service by the society;

the society is able to meet such minimum financial or prudential requirements, or such other requirements, as may be prescribed, either generally or specifically;

there are available officers who, having regard to their qualifications, experience, reputation, character, financial integrity and reliability, are capable of —

directing and managing the provision of the financial service by the society; and

keeping the records and accounts of the society.”;

by deleting the words “his written approval under subsection (1)” in subsection (6) and substituting the words “the written approval”;

by deleting subsection (7) and substituting the following subsections:“(7) Where the Registrar grants written approval for a non‑credit society to become a credit society, the Registrar must —

notify the society in writing that it is registered as a credit society to provide the financial service specified in the notice, starting on a date specified in the notice; and

amend the register of societies to show that the society is registered as a credit society to provide that financial service.(7A) A non‑credit society that is granted written approval to become a credit society —

must not provide any new service other than a financial service, starting on such date as the Registrar may determine (being a date that may be different from the date mentioned in subsection (7)(a)); but(b)may continue to provide indefinitely any service (not being a financial service) that was carried on by the society immediately before that date.”; and

by deleting subsections (8) and (9) and substituting the following subsections:“(8) A non‑credit society that is aggrieved by a decision by the Registrar to refuse written approval for the non‑credit society to become a credit society may, within 2 months after the date of the decision, appeal in writing to the Minister, whose decision is final.(9) Any non‑credit society that contravenes subsection (1) or (7A)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for each day or part of a day during which the offence continues after conviction.”.