The Principal Act is amended by inserting the following section after section 6:

"6A.

(1) The Bank may impose such conditions, if any, as the Bank considers to be necessary to protect, with effect from registration under this Part, the interests of the members of the society seeking registration and any such conditions shall be a condition for registration as a credit union.

(2) The conditions imposed by the Bank under subsection (1) may include requiring a credit union -

(a) to notify the Bank of any events of such significance that could materially affect the credit union including any change to the strategic plan of the credit union;

(b) to operate a more limited business model agreed with the Bank;

(c) to cause to be undertaken an independent review of the credit union’s business within 12 months in order to ensure that the credit union is complying with all legal and regulatory requirements.

(3) Any of the conditions of registration may be amended or revoked by the Bank if, in the opinion of the Bank -

(a) the amendment or revocation is necessary to protect the interests of the credit union’s members, or

(b) the conditions concerned have become spent orobsolete and should be revoked.