Section 14 of the Principal Act is amended -

(a) by the substitution of the following subsection for subsection (2):

"(2) An amendment of the registered rules of a credit union shall not be valid until the amendment has been registered under this Act, for which purpose a copy of the amendment -

(a) in the case of a credit union other than a corporate credit union, signed by 4 members, one of whom shall be the secretary and another a director, and

(b) in the case of a corporate credit union, signed on behalf of not less than 2 members by the secretary of each of those members,

shall be sent to the Bank.",

(b) by the substitution of the following subsection for subsection (4):

"(4) Except where the Bank is satisfied that an amendment of a credit union's rules sent to it under subsection (2) is not in the interests of the proper and orderly regulation of the credit union, the Bank shall issue to the credit union, within 3 months of its receipt of the amendment, an acknowledgement of registration which, unless the contrary is proved, shall be sufficient evidence that the amendment is duly registered.",