CREDIT UNIONS BILL (Hansard, 30 March 1979)

§ Mr. Powell
I am obliged to the Minister and I take the point that credit unions should have some flexibility, particularly not to distribute up to the last penny, as it were, under the terms of the new clause. On the other hand, it appears that there is no limitation in subsection (6), so that, at any rate theoretically, that subsection might enable a credit union to go to the opposite extreme and to pursue a policy of accumulation. It would presumably be entitled to apply the accumulated funds in various ways and thus substantially to alter the character of the operations which are normal to a credit union.
We are obviously at a late stage in our consideration of the Bill in this House, but that is the point which aroused my attention in subsection (6). Perhaps, as the Bill goes on its way elsewhere, the right hon. Gentleman will be able to give consideration to that.

§ Mr. Denzil Davies
I take the right hon. Gentleman's point that one would not wish subsection (6) to be used as a kind of accumulation provision. I do not know exactly what the powers of the registrar would be in that situation, but I will certainly look into the point to see whether, even at this late stage, we can satisfy ourselves that that is not the effect of the subsection.
I am happy to accept amendment No. 4, which is taken with amendments Nos. 5 and 17 in the name of my hon. Friend the Member for Farnworth (Mr. Roper). I think that the hon. and learned Member for Dover and Deal (Mr. Rees) has said that he does not object to them. I should therefore be happy to recommend their acceptance.
I think that we have now gone part of the way, if not all the way, to meet the point in amendments Nos. 23 and 24 by redrafting clause 13 and making it clear that it is subject to clause 1. I 881 hope that the hon. and learned Member will feel that he need not press those amendments in view of the new clause.

§ Mr. Deputy Speaker (Mr. Oscar Murton)
Perhaps I should inform the hon. Gentleman that Mr. Speaker did not select this amendment for Division, but only for discussion.

§ Mr. Pavitt
On a point of order, Mr. Deputy Speaker. At the outset of the debate I requested that you would reconsider these matters, since they have been accepted by both sides of the House, and that you would consider allowing a debate, and if necessary a vote, on them.

§ Mr. Powell
On a point of order, Mr. Deputy Speaker. Is it not possible for you, in circumstances in which the Government have expressed their readiness to accept an amendment which has been debated, to facilitate the business of the House by permitting the hon. Member in whose name it stands to move it?

§ Mr. Deputy Speaker
That can be done, and I will use my discretion in the matter.