(1) Where a credit union holds a certificate of approval under section 11C below, section 11 above shall have effect in relation to it with the following modifications.
(2) For subsection (2) there shall be substituted -
"(2) The total amount on loan to a member of a credit union shall not at any time exceed his total paid-up shareholding in the credit union by more than -
(a) the greater of -
(i) £10,000 (or such other sum as may from time to time be specified), and
(ii) 1.5 per cent. of the total paid-up shareholdings in the credit union, or
(b) the greater of -
(i) 20 per cent. of the credit union’s general reserve, and
(ii) £5,000 (or such other sum as may from time to time be specified),
(3) After that subsection there shall be inserted -
"(2A) Where subsection (2) above would be breached in relation to a member of a credit union because of a reduction in -
(a) the total shareholdings in the credit union, or
(b) the amount of the credit union’s