(1) Subject to subsection (2), every person carrying on a trade or business who, in the ordinary course of the operations of the trade or business, receives or retains money in such circumstances that interest becomes payable on that money which is paid or credited without deduction of income tax, and in particular every person carrying on the trade or business of banking, shall, if required to do so by notice from an inspector, make and deliver to the inspector, within the time specified in the notice, a return of all interest so paid or credited by that person during a year specified in the notice in the course of that person's trade or business or any such part of that person's trade or business as may be so specified, giving the names and addresses of the persons to whom the interest was paid or credited and stating in each case the amount of the interest.
(a) In this subsection, "credit union" means a society registered under the Credit Union Act, 1997, including a society
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