Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill – Second Reading – V..

encouragement I hope the legislation is another avenue by legislation is another avenue by which they legislation is another avenue by which they legislation is another avenue by which they can legislation is another avenue by which they can continue which they can continue to prosper

I call Dr Duncan Webb It is a pleasure I call Dr Duncan Webb It is a pleasure to rise I call Dr Duncan Webb It is a pleasure to rise to pleasure to rise to speak on this bill pleasure to rise to speak on this bill pleasure to rise to speak on this bill in support of it pleasure to rise to speak on this bill in support of it

The bill in support of it The Friendly Societies and Credit Unions bill in support of it The Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Bill probably (Regulatory Improvements) Amendment Bill probably could (Regulatory Improvements) Amendment Bill probably could be called a (Regulatory Improvements) Amendment Bill probably could be called a Bill probably could be called a modernisation Bill probably could be called a modernisation bill as well Bill probably could be called a modernisation bill as well I modernisation bill as well

I do congratulate modernisation bill as well I do congratulate modernisation bill as well I do congratulate Stuart Smith for modernisation bill as well I do congratulate Stuart Smith for congratulate Stuart Smith for having this congratulate Stuart Smith for having this congratulate Stuart Smith for having this bill drawn and congratulate Stuart Smith for having this bill drawn and this bill drawn and undertaking the considerable this bill drawn and undertaking the considerable this bill drawn and undertaking the considerable work this bill drawn and undertaking the considerable work that it's taken this bill drawn and undertaking the considerable work that it's taken

I considerable work that it's taken I suspect that considerable work that it's taken I suspect that suspect that the original conception of having suspect that the original conception of having suspect that the original conception of having a of having a bill to incorporate credit of having a bill to incorporate credit unions of having a bill to incorporate credit unions was thought to of having a bill to incorporate credit unions was thought to of having a bill to incorporate credit unions was thought to be credit unions was thought to be a simple task credit unions was thought to be a simple task Well, credit unions was thought to be a simple task

Well, it's credit unions was thought to be a simple task Well, it's simple task Well, it's certainly expanded somewhat since then simple task Well, it's certainly expanded somewhat since then

expanded somewhat since then I may also expanded somewhat since then I may also expanded somewhat since then I may also congratulate him expanded somewhat since then I may also congratulate him on expanded somewhat since then

I may also congratulate him on embarking expanded somewhat since then I may also congratulate him on embarking also congratulate him on embarking upon a also congratulate him on embarking upon a also congratulate him on embarking upon a project to improve also congratulate him on embarking upon a project to improve also congratulate him on embarking upon a project to improve which is also congratulate him on embarking upon a project to improve which is upon a project to improve which is upon a project to improve which is upon a project to improve which is upon a project to improve which is fundamentally Labour institution, a friendly fundamentally Labour institution, a friendly society in credit union fundamentally Labour institution, a friendly society in credit union fundamentally Labour institution, a friendly society in credit union If friendly society in credit union

If we friendly society in credit union If we look friendly society in credit union If we look at where friendly society in credit union If we look at where theses we look at where theses entities came from they we look at where theses entities came from they we look at where theses entities came from they are, in we look at where theses entities came from they are, in fact, came from they are, in fact, industrial came from they are, in fact, industrial industrial societies and communities that industrial societies and communities that industrial societies and communities that grouped industrial societies and communities that grouped together for mutual industrial societies and communities that grouped together for mutual that grouped together for mutual support Something that grouped together for mutual support

Something that grouped together for mutual support Something which I that grouped together for mutual support Something which I support Something which I think we need support Something which I think we need support

Something which I think we need to still hold dear support Something which I think we need to still hold dear need to still hold dear In fact, one need to still hold dear

In fact, one need to still hold dear In fact, one of the great need to still hold dear In fact, one of the great need to still hold dear In fact, one of the great things that I think need to still hold dear In fact, one of the great things that I think one of the great things that I think we are one of the great things that I think we are one of the great things that I think we are doing here is one of the great things that I think we are doing here is one of the great things that I think we are doing here is that we are, one of the great things that I think we are doing here is that we are, we are doing here is that we are, in fact, we are doing here is that we are, in fact, we are doing here is that we are, in fact, ensuring that we are doing here is that we are, in fact, ensuring that we are doing here is that we are, in fact, ensuring that we we are doing here is that we are, in fact, ensuring that we have we are doing here is that we are, in fact, ensuring that we have fact, ensuring that we have a flexible system so fact, ensuring that we have a flexible system so fact, ensuring that we have a flexible system so that people can fact, ensuring that we have a flexible system so that people can flexible system so that people can enter flexible system so that people can enter into enter into financial arrangements, financial groupings, enter into financial arrangements, financial groupings, enter into financial arrangements, financial groupings, if a way enter into financial arrangements, financial groupings, if a way financial groupings, if a way to support each other

financial groupings, if a way to support each other financial groupings, if a way to support each other It financial groupings, if a way to support each other It is worth financial groupings, if a way to support each other It is worth support each other

It is worth just pausing for support each other It is worth just pausing for support each other It is worth just pausing for a pausing for a moment and understanding what pausing for a moment and understanding what understanding what a credit union is understanding what a credit union is understanding what a credit union is

It understanding what a credit union is It is a society understanding what a credit union is It is a society understanding what a credit union is It is a society of individuals is

It is a society of individuals A is It is a society of individuals is It is a society of individuals

individuals Section 101 of the Act Saturdays individuals Section 101 of the Act Saturdays individuals Section 101 of the Act Saturdays that out It individuals

Section 101 of the Act Saturdays that out It uses Saturdays that out It uses some Saturdays that out It uses some Saturdays that out It uses some Saturdays that out

It uses some quaint language, language that hearts quaint language, language that hearts quaint language, language that hearts back quaint language, language that hearts back to quaint language, language that hearts back to the roots of the quaint language, language that hearts back to the roots of the hearts back to the roots of the 1850s when these hearts back to the roots of the 1850s when these 1850s when these things first came about 1850s when these things first came about Section 1850s when these things first came about Section 101(1) at the about Section 101(1) at the promotion about

Section 101(1) at the promotion of thrift among its about Section 101(1) at the promotion of thrift among its promotion of thrift among its members by promotion of thrift among its members by promotion of thrift among its members by the accumulation promotion of thrift among its members by the accumulation members by the accumulation of their savings, members by the accumulation of their savings, members by the accumulation of their savings, and also members by the accumulation of their savings, and also members by the accumulation of their savings, and also the training members by the accumulation of their savings, and also the training savings, and also the training and education savings, and also the training and education savings, and also the training and education of the savings, and also the training and education of the members education of the members in wise use of education of the members in wise use of education of the members in wise use of money in the education of the members in wise use of money in the education of the members in wise use of money in the management of education of the members in wise use of money in the management of of money in the management of their financial affairs And, of money in the management of their financial affairs And, of money in the management of their financial affairs And, also, it of money in the management of their financial affairs

And, also, it of money in the management of their financial affairs And, also, it is financial affairs And, also, it is worth seeing financial affairs And, also, it is worth seeing financial affairs And, also, it is worth seeing 101(1)(D) that financial affairs

And, also, it is worth seeing 101(1)(D) that worth seeing 101(1)(D) that the credit union worth seeing 101(1)(D) that the credit union worth seeing 101(1)(D) that the credit union can make payments for credit union can make payments for the credit union can make payments for the welfare of its members, credit union can make payments for the welfare of its members, credit union can make payments for the welfare of its members, the the welfare of its members, the making of the welfare of its members, the making of the welfare of its members, the making of donations the welfare of its members, the making of donations for the welfare of its members, the making of donations for charitable making of donations for charitable cultural benevolent or philanthropic making of donations for charitable cultural benevolent or philanthropic cultural benevolent or philanthropic purposes Those are cultural benevolent or philanthropic purposes Those are cultural benevolent or philanthropic purposes Those are things we cultural benevolent or philanthropic purposes Those are things we purposes

Those are things we tended to lose sight of purposes Those are things we tended to lose sight of purposes Those are things we tended to lose sight of

Certainly purposes Those are things we tended to lose sight of Certainly in purposes Those are things we tended to lose sight of Certainly in to lose sight of

Certainly in modern to lose sight of Certainly in modern financial institutions they to lose sight of Certainly in modern financial institutions they modern financial institutions they don't come close We modern financial institutions they don't come close We have modern financial institutions they modern financial institutions they modern financial institutions they financial institutions, which are fundamentally financial institutions, which are fundamentally corporate, financial institutions, which are fundamentally corporate, fundamentally corporate, as David Carter fundamentally corporate, as David fundamentally corporate, as David fundamentally corporate, as David fundamentally corporate, as David fundamentally corporate, as David in Australia

I commend the member on in Australia I commend the member on taking this bill, looking in Australia I commend the member on taking this bill, looking on taking this bill, looking initially on taking this bill, looking initially perhaps at a on taking this bill, looking initially perhaps at a on taking this bill, looking initially perhaps at a couple of on taking this bill, looking initially perhaps at a couple of initially perhaps at a couple of minor improvements in terms initially perhaps at a couple of minor improvements in terms of minor improvements in terms of the way minor improvements in terms of the way these minor improvements in terms of the way these institutions minor improvements in terms of the way these institutions work, way these institutions work, but then way these institutions work, but then way these institutions work, but then actually then actually preserving and enhancing I then actually preserving and enhancing I congratulate enhancing

I congratulate him on that, enhancing I congratulate him on that, enhancing I congratulate him on that, that he's, in enhancing I congratulate him on that, that he's, in fact, enhancing I congratulate him on that, that he's, in fact, enhanced enhancing

I congratulate him on that, that he's, in fact, enhanced that, that he's, in fact, enhanced and that, that he's, in fact, enhanced and strengthened the mutuality that, that he's, in fact, enhanced and strengthened the mutuality and strengthened the mutuality here I and strengthened the mutuality here I and strengthened the mutuality here I won't deny and strengthened the mutuality here I won't deny and strengthened the mutuality here

I won't deny that we and strengthened the mutuality here I won't deny that we and strengthened the mutuality here I won't deny that we had some and strengthened the mutuality here I won't deny that we had some I won't deny that we had some conversations about I won't deny that we had some conversations about I won't deny that we had some conversations about that I won't deny that we had some conversations about that in I won't deny that we had some conversations about that in conversations about that in committee and those conversations about that in committee and those committee and those conversations were robust, committee and those conversations were robust, were robust, but they were very, very were robust, but they were very, very were robust, but they were very, very fruitful were robust, but they were very, very fruitful

So, very fruitful So, the amendment that very fruitful So, the amendment that very fruitful So, the amendment that we've very fruitful So, the amendment that we've now got very fruitful

So, the amendment that we've now got very fruitful So, the amendment that we've now got is actually very fruitful So, the amendment that we've now got is actually that we've now got is actually a dictate that we've now got is actually a dictate to that we've now got is actually a dictate to credit unions A that we've now got is actually a dictate to credit unions A dictate to credit unions

A credit union is dictate to credit unions A credit union is dictate to credit unions A credit union is to operate dictate to credit unions A credit union is to operate dictate to credit unions A credit union is to operate on the basis dictate to credit unions

A credit union is to operate on the basis union is to operate on the basis of this union is to operate on the basis of this union is to operate on the basis of this Act for the mutual union is to operate on the basis of this Act for the mutual union is to operate on the basis of this Act for the mutual benefit and union is to operate on the basis of this Act for the mutual benefit and this Act for the mutual benefit and assistance for its members this Act for the mutual benefit and assistance for its members assistance for its members That is a limit assistance for its members

That is a limit That assistance for its members That is a limit That is assistance for its members That is a limit

That is assistance for its members That is a limit That is in the objects of assistance for its members That is a limit That is in the objects of a limit

That is in the objects of the credit unions a limit That is in the objects of the credit unions the credit unions and section 101 That the credit unions and section 101 That the credit unions and section 101 That is a the credit unions and section 101

That is a limitation That is a limitation on the powers of That is a limitation on the powers of That is a limitation on the powers of a credit union So, That is a limitation on the powers of a credit union So, of a credit union So, a credit union can't of a credit union So, a credit union can't of a credit union

So, a credit union can't go off on of a credit union So, a credit union can't go off on of a credit union So, a credit union can't go off on a of a credit union So, a credit union can't go off on a jaunt of a credit union So, a credit union can't go off on a jaunt of of a credit union

So, a credit union can't go off on a jaunt of its union can't go off on a jaunt of its own, union can't go off on a jaunt of its own, union can't go off on a jaunt of its own, and can't union can't go off on a jaunt of its own, and can't union can't go off on a jaunt of its own, and can't be under taken union can't go off on a jaunt of its own, and can't be under taken own, and can't be under taken for the profit of own, and can't be under taken for the profit of own, and can't be under taken for the profit of some third party Or own, and can't be under taken for the profit of some third party Or the profit of some third party Or for anything, the profit of some third party Or for anything, indeed, the profit of some third party

Or for anything, indeed, which falls the profit of some third party Or for anything, indeed, which falls for anything, indeed, which falls outside of those for anything, indeed, which falls outside of those constraints for anything, indeed, which falls outside of those constraints And for anything, indeed, which falls outside of those constraints And outside of those constraints

And that is outside of those constraints And that is a outside of those constraints And that is a very good thing outside of those constraints And that is a very good thing

Can that is a very good thing Can I also say that is a very good thing Can I also say that is a very good thing Can I also say that that is a very good thing Can I also say that I was that is a very good thing

Can I also say that I was also say that I was most impressed in also say that I was most impressed in also say that I was most impressed in committee with also say that I was most impressed in committee with also say that I was most impressed in committee with all of the also say that I was most impressed in committee with all of the in committee with all of the submitters As in committee with all of the submitters As in committee with all of the submitters As member Carter noted, in committee with all of the submitters As member Carter noted, submitters

As member Carter noted, they did submitters As member Carter noted, they did submitters As member Carter noted, they did not agree with each submitters As member Carter noted, they did not agree with each they did not agree with each other I would encourage them they did not agree with each other

I would encourage them I would encourage them to keep talking They I would encourage them to keep talking They I would encourage them to keep talking They didn't agree I would encourage them to keep talking They didn't agree talking

They didn't agree with each other, talking They didn't agree with each other, talking They didn't agree with each other, but what talking They didn't agree with each other, but what talking They didn't agree with each other, but what they talking

They didn't agree with each other, but what they all talking They didn't agree with each other, but what they all had in other, but what they all had in other, but what they all had in other, but what they all had in common was other, but what they all had in common was other, but what they all had in common was a other, but what they all had in common was a fantastic commitment to other, but what they all had in common was a fantastic commitment to common was a fantastic commitment to the promotion common was a fantastic commitment to the promotion common was a fantastic commitment to the promotion of the common was a fantastic commitment to the promotion of the common was a fantastic commitment to the promotion of the interests of common was a fantastic commitment to the promotion of the interests of the promotion of the interests of their members the promotion of the interests of their members They their members They entirely understood their members

They entirely understood their members They entirely understood what a their members They entirely understood what a credit understood what a credit union was about, understood what a credit union was about, understood what a credit union was about, that it wasn't understood what a credit union was about, that it wasn't about, that it wasn't a commercial entity, about, that it wasn't a commercial entity, although about, that it wasn't a commercial entity, although it existed in about, that it wasn't a commercial entity, although it existed in entity, although it existed in the commercial world It was entity, although it existed in the commercial world It was commercial world

It was the entity of a commercial world It was the entity of a commercial world It was the entity of a social nature to, promote commercial world It was the entity of a social nature to, promote of a social nature to, promote the welfare of of a social nature to, promote the welfare of its of a social nature to, promote the welfare of its members And of a social nature to, promote the welfare of its members

And that, welfare of its members And that, I think, is welfare of its members And that, I think, is welfare of its members And that, I think, is why this bill welfare of its members And that, I think, is why this bill welfare of its members

And that, I think, is why this bill is such welfare of its members And that, I think, is why this bill is such a think, is why this bill is such a great modernising bill, think, is why this bill is such a great modernising bill, think, is why this bill is such a great modernising bill, because it think, is why this bill is such a great modernising bill, because it great modernising bill, because it remembered what great modernising bill, because it remembered what great modernising bill, because it remembered what those values were remembered what those values were This remembered what those values were This social remembered what those values were

This social remembered what those values were This social enterprise that remembered what those values were This social enterprise that This social enterprise that started in 1850, This social enterprise that started in 1850, This social enterprise that started in 1850, and it's still This social enterprise that started in 1850, and it's still in 1850, and it's still relevant here today So, in 1850, and it's still relevant here today So, in 1850, and it's still relevant here today

So, I flat in 1850, and it's still relevant here today So, I flat in 1850, and it's still relevant here today So, I flat the member in 1850, and it's still relevant here today So, I flat the member here today So, I flat the member on here today

So, I flat the member on here today So, I flat the member on here today So, I flat the member on embracing that and on being open to including embracing that and on being open to including that in the embracing that and on being open to including that in the embracing that and on being open to including that in the bill So, embracing that and on being open to including that in the bill So, including that in the bill

So, we have including that in the bill So, we have including that in the bill So, we have got a including that in the bill So, we have got a including that in the bill So, we have got a bill including that in the bill

So, we have got a bill there that allows have got a bill there that allows incorporation have got a bill there that allows incorporation This have got a bill there that allows incorporation This have got a bill there that allows incorporation This was perhaps the have got a bill there that allows incorporation

This was perhaps the incorporation This was perhaps the bogey man for incorporation This was perhaps the bogey man for incorporation This was perhaps the bogey man for submitters There incorporation

This was perhaps the bogey man for submitters There bogey man for submitters There was this sense bogey man for submitters There was this sense bogey man for submitters There was this sense that if bogey man for submitters

There was this sense that if bogey man for submitters There was this sense that if we this sense that if we have an incorporation, this sense that if we have an incorporation, this sense that if we have an incorporation, isn't that the same incorporation, isn't that the same as incorporation, isn't that the same incorporation, isn't that the same lawyers on the committee accepted that lawyers on the committee accepted that that was lawyers on the committee accepted that that was lawyers on the committee accepted that that was a leap in logic, lawyers on the committee accepted that that was a leap in logic, lawyers on the committee accepted that that was a leap in logic, that that that was a leap in logic, that that did not follow that that was a leap in logic, that that did not follow But that that was a leap in logic, that that did not follow But that did not follow

But nevertheless, that did not follow But nevertheless, we that did not follow But nevertheless, we that did not follow But nevertheless, we wanted nevertheless, we wanted to reassure the nevertheless, we wanted to reassure the nevertheless, we wanted to reassure the credit unions and submitters nevertheless, we wanted to reassure the credit unions and submitters the credit unions and submitters that that needn't the credit unions and submitters that that needn't the credit unions and submitters that that needn't be the the credit unions and submitters that that needn't be the the credit unions and submitters that that needn't be the case, and the credit unions and submitters that that needn't be the case, and that that needn't be the case, and that's that that needn't be the case, and that's why we looked at that that that needn't be the case, and that's why we looked at that that's why we looked at that amendment And, that's why we looked at that amendment

And, indeed, that's why we looked at that amendment And, indeed, in section amendment And, indeed, in section 170(B), amendment And, indeed, in section 170(B), another amendment, amendment And, indeed, in section 170(B), another amendment, amendment

And, indeed, in section 170(B), another amendment, made 170(B), another amendment, made it very clear that 170(B), another amendment, made it very clear that 170(B), another amendment, made it very clear that the very clear that the credit union's powers very clear that the credit union's powers will very clear that the credit union's powers will be limited very clear that the credit union's powers will be limited very clear that the credit union's powers will be limited in that way, very clear that the credit union's powers will be limited in that way, powers will be limited in that way, that it can powers will be limited in that way, that it can powers will be limited in that way, that it can only act in purr powers will be limited in that way, that it can only act in purr powers will be limited in that way, powers will be limited in that way, pursuance of its objects and indeed went pursuance of its objects and indeed went further pursuance of its objects and indeed went further pursuance of its objects and indeed went further and noted pursuance of its objects and indeed went further and noted went further and noted that the High Court went further and noted that the High Court went further and noted that the High went further and noted that the High can be obtained from the High Court to can be obtained from the High Court to make sure that can be obtained from the High Court to make sure that can be obtained from the High Court to make sure that those to make sure that those credit unions stay within to make sure that those credit unions stay within their So So what So what So what we So what we have is So what we have is the original framework was madness You the original framework was madness You had the original framework was madness You had the original framework was madness You had these really fantastic the original framework was madness

You had these really fantastic You had these really fantastic people working hard but You had these really fantastic people working hard but You had these really fantastic people working hard but what people working hard but what they probably didn't people working hard but what they probably didn't people working hard but what they probably didn't realise is people working hard but what they probably didn't realise is people working hard but what they probably didn't realise is when probably didn't realise is when they signed loan documentation and probably didn't realise is when they signed loan documentation and probably didn't realise is when they signed loan documentation and what signed loan documentation and what have you, as trustees, signed loan documentation and what have you, as trustees, signed loan documentation and what have you, as trustees, they have you, as trustees, they were taking have you, as trustees, they were taking on have you, as trustees, they were taking on huge personal have you, as trustees, they were taking on huge personal risk taking on huge personal risk and that as taking on huge personal risk and that as was taking on huge personal risk and that as was noted, taking on huge personal risk and that as was noted, taking on huge personal risk and that as was noted, the that as was noted, the administration of the credit that as was noted, the administration of the credit administration of the credit unions really wasn't workable administration of the credit unions really wasn't workable We really wasn't workable We didn't have really wasn't workable We didn't have a really wasn't workable

We didn't have a simple ability of really wasn't workable We didn't have a simple ability of have a simple ability of one director have a simple ability of one director to have a simple ability of one director to sign documentation, have a simple ability of one director to sign documentation, director to sign documentation, the trustees director to sign documentation, the trustees director to sign documentation, the trustees had director to sign documentation, the trustees had to director to sign documentation, the trustees had to agree unanimously trustees had to agree unanimously trustees had to agree unanimously trustees had to agree unanimously and obviously if someone trustees had to agree unanimously and obviously if someone and obviously if someone is overseas that caused and obviously if someone is overseas that caused all and obviously if someone is overseas that caused all kind of problems and obviously if someone is overseas that caused all kind of problems that caused all kind of problems This is a that caused all kind of problems

This is a that caused all kind of problems This is a much, that caused all kind of problems This is a much, much more that caused all kind of problems This is a much, much more This is a much, much more sensible framework Then This is a much, much more sensible framework

Then This is a much, much more sensible framework Then we This is a much, much more sensible framework Then we had This is a much, much more sensible framework Then we had framework Then we had a further adjustment framework

Then we had a further adjustment framework Then we had a further adjustment to make framework Then we had a further adjustment to make it adjustment to make it quite clear that credit unions adjustment to make it quite clear that credit unions adjustment to make it quite clear that credit unions can that credit unions can loan to associated that credit unions can loan to associated entities that credit unions can loan to associated entities in a that credit unions can loan to associated entities in a associated entities in a small business framework associated entities in a small business framework Look, business framework

Look, this is fantastic Credit business framework Look, this is fantastic Credit business framework Look, this is fantastic

Credit unions business framework Look, this is fantastic Credit unions do business framework Look, this is fantastic Credit unions do occupy a business framework

Look, this is fantastic Credit unions do occupy a fantastic Credit unions do occupy a particular part fantastic Credit unions do occupy a particular part fantastic Credit unions do occupy a particular part of the fantastic

Credit unions do occupy a particular part of the particular part of the finance particular part of the finance particular part of the finance market They particular part of the finance particular part of the finance particular part of the finance lenders So the interest rates are a little lenders So the interest rates are a little higher but lenders So the interest rates are a little higher but lenders

So the interest rates are a little higher but they are directly little higher but they are directly connected little higher but they are directly connected in little higher but they are directly connected in connected in with their communities So connected in with their communities So connected in with their communities So they take a personal connected in with their communities So they take a personal So they take a personal interest in the So they take a personal interest in the So they take a personal interest in the financial So they take a personal interest in the financial success of So they take a personal interest in the financial success of the financial success of their members at every the financial success of their members at every the financial success of their members at every level and the financial success of their members at every level and that's, members at every level and that's, I think, why it members at every level and that's, I think, why it members at every level and that's, I think, why it works

So now members at every level and that's, I think, why it works So now think, why it works So now if you've got think, why it works So now if you've got think, why it works So now if you've got a member who wants think, why it works

So now if you've got a member who wants think, why it works So now if you've got a member who wants to you've got a member who wants to start you've got a member who wants to start a small business or you've got a member who wants to start a small business or you've got a member who wants to start a small business or has a start a small business or has a small start a small business or has a small business, start a small business or has a small business, start a small business or has a small business, it wisely start a small business or has a small business, it wisely has small business, it wisely has incorporated or has small business, it wisely has incorporated or has small business, it wisely has incorporated or has it in small business, it wisely has incorporated or has it in incorporated or has it in a partnership or a trust, incorporated or has it in a partnership or a trust, partnership or a trust, they don't have to partnership or a trust, they don't have to partnership or a trust, they don't have to run round partnership or a trust, they don't have to run round partnership or a trust, they don't have to run round in circles and partnership or a trust, they don't have to run round in circles and have to run round in circles and do legal backflips to try have to run round in circles and do legal backflips to try legal backflips to try to get a loan from legal backflips to try to get a loan from legal backflips to try to get a loan from the credit union legal backflips to try to get a loan from the credit union They legal backflips to try to get a loan from the credit union They can legal backflips to try to get a loan from the credit union

They can from the credit union They can simply go from the credit union They can simply go and from the credit union They can simply go and from the credit union They can simply go and say, from the credit union

They can simply go and say, from the credit union They can from the credit union They can from the credit union They can company I or my family have a significant company

I or my family have a significant interest company I or my family have a significant interest company I or my family have a significant interest greater significant interest greater than significant interest greater than significant interest greater than significant interest greater than able to loan to them That is what prosperity able to loan to them That is what prosperity is about this

Is able to loan to them That is what prosperity is about this Is able to loan to them That is what prosperity is about this Is a prosperity is about this

Is a Government that is prosperity is about this Is a Government that is prosperity is about this Is a Government that is absolutely Government that is absolutely committed to small Government that is absolutely committed to small committed to small business and it is great committed to small business and it is great committed to small business and it is great to see that committed to small business and it is great to see that is great to see that we're supporting this move, which is great to see that we're supporting this move, which is great to see that we're supporting this move, which will supporting this move, which will make lending supporting this move, which will make lending supporting this move, which will make lending money to supporting this move, which will make lending money to small make lending money to small businesses easier Because make lending money to small businesses easier Because businesses easier

Because that's what businesses easier Because that's what businesses easier Because that's what we want to see businesses easier Because that's what we want to see businesses easier Because that's businesses easier

Because that's in those small business areas in those small business areas in those small business areas This is a bill about modernisation What This is a bill about modernisation

What This is a bill about modernisation What I do like This is a bill about modernisation What I do like This is a bill about modernisation What I do like is it looks This is a bill about modernisation What I do like is it looks What I do like is it looks forwards and What I do like is it looks forwards and What I do like is it looks forwards and it looks What I do like is it looks forwards and it looks What I do like is it looks forwards and it looks backyards

It What I do like is it looks forwards and it looks backyards It backwards It is flexible and it is really backwards It is flexible and it is really important in backwards It is flexible and it is really important in really important in the financial field to really important in the financial field to not really important in the financial field to not be really important in the financial field to not be really important in the financial field to not be a really important in the financial field to not be a fetter field to not be a fetter on innovation

So field to not be a fetter on innovation So field to not be a fetter on innovation So with innovation So with this framework, credit unions are free innovation So with this framework, credit unions are free innovation

So with this framework, credit unions are free to work innovation So with this framework, credit unions are free to work credit unions are free to work out new ways of credit unions are free to work out new ways of new ways of doing what they do better new ways of doing what they do better Work new ways of doing what they do better Work out new new ways of doing what they do better

Work out new better Work out new ways of better Work out new ways of better Work out new ways of encouraging thrift, better Work out new ways of encouraging thrift, of educating better

Work out new ways of encouraging thrift, of educating encouraging thrift, of educating people encouraging thrift, of educating people to encouraging thrift, of educating people to use their encouraging thrift, of educating people to use their people to use their savings wisely Old people to use their savings wisely Old people to use their savings wisely Old fashioned words but people to use their savings wisely Old fashioned words but Old fashioned words but really modern Old fashioned words but really modern and Old fashioned words but really modern and relevant concepts

I modern and relevant concepts I modern and relevant concepts I modern and relevant concepts I think it is great that modern and relevant concepts I think it is great that modern and relevant concepts

I think it is great that what we modern and relevant concepts I think it is great that what we think it is great that what we now have is think it is great that what we now have is think it is great that what we now have is a bill where you have think it is great that what we now have is a bill where you have think it is great that what we now have is a bill where you have got on think it is great that what we now have is a bill where you have got on have is a bill where you have got on incorporation framework, have is a bill where you have got on incorporation framework, you incorporation framework, you have an ability incorporation framework, you have an ability incorporation framework, you have an ability to incorporation framework, you have an ability to lend to other incorporation framework, you have an ability to lend to other entities, ability to lend to other entities, to ability to lend to other entities, to widen ability to lend to other entities, to widen out, to broaden ability to lend to other entities, to widen out, to broaden ability to lend to other entities, to widen out, to broaden the net ability to lend to other entities, to widen out, to broaden the net of to widen out, to broaden the net of support, and to widen out, to broaden the net of support, and to widen out, to broaden the net of support, and that's really great to widen out, to broaden the net of support, and that's really great So support, and that's really great So we've support, and that's really great

So we've support, and that's really great So we've got support, and that's really great So we've got essentially support, and that's really great So we've got essentially a support, and that's really great So we've got essentially a modern, we've got essentially a modern, social enterprise framework we've got essentially a modern, social enterprise framework social enterprise framework where people social enterprise framework where people social enterprise framework where people aren't pursuing profit, social enterprise framework where people aren't pursuing profit, people aren't pursuing profit, they're mutually supporting each people aren't pursuing profit, they're mutually supporting each they're mutually supporting each other in they're mutually supporting each other in they're mutually supporting each other in something which they're mutually supporting each other in something which they're mutually supporting each other in something which is other in something which is supporting their communities

As other in something which is supporting their communities As other in something which is supporting their communities As I supporting their communities As I said before, really supporting their communities As I said before, really supporting their communities

As I said before, really the supporting their communities As I said before, really the greatest said before, really the greatest praise goes to said before, really the greatest praise goes to said before, really the greatest praise goes to the said before, really the greatest praise goes to the people who said before, really the greatest praise goes to the people who often, praise goes to the people who often, for praise goes to the people who often, for praise goes to the people who often, for very little praise goes to the people who often, for very little reward, for very little reward, support these credit for very little reward, support these credit for very little reward, support these credit unions these credit unions because they these credit unions because they these credit unions because they have dedicated these credit unions because they have dedicated a life to these credit unions because they have dedicated a life to have dedicated a life to their communities They have dedicated a life to their communities They have dedicated a life to their communities They are not making communities

They are not making communities They are not making communities They are not making lots of money communities They are not making lots of money

These lots of money These are lots of money These are executives here These are people who executives here These are people who have dedicated their executives here

These are people who have dedicated their who have dedicated their lives to their communities who have dedicated their lives to their communities through their communities through these credit unions their communities through these credit unions their communities through these credit unions or friendly so sitis their communities through these credit unions or friendly so sitis credit unions or friendly so sitis I commend them for it This credit unions or friendly so sitis

I commend them for it This bill I commend them for it This bill makes I commend them for it This bill makes their lives easier I commend them for it

This bill makes their lives easier I commend them for it This bill makes their lives easier There will I commend them for it This bill makes their lives easier

There will makes their lives easier There will be some compliance makes their lives easier There will be some compliance costs makes their lives easier There will be some compliance costs

We makes their lives easier There will be some compliance costs We makes their lives easier There will be some compliance costs We had a makes their lives easier

There will be some compliance costs We had a be some compliance costs We had a very clear eye be some compliance costs We had a very clear eye be some compliance costs We had a very clear eye on those be some compliance costs

We had a very clear eye on those compliance very clear eye on those compliance costs but very clear eye on those compliance costs but very clear eye on those compliance costs but what very clear eye on those compliance costs but what a costs but what a great step forward I costs but what a great step forward I costs but what a great step forward I do commend costs but what a great step forward I do commend costs but what a great step forward

I do commend again member Smith for costs but what a great step forward I do commend again member Smith for I do commend again member Smith for getting this bill I do commend again member Smith for getting this bill into getting this bill into the House It has been a getting this bill into the House It has been a getting this bill into the House It has been a lot of work

I know getting this bill into the House It has been a lot of work I know has been a lot of work I know that and I know that has been a lot of work I know that and I know that has been a lot of work

I know that and I know that every so has been a lot of work I know that and I know that every so has been a lot of work I know that and I know that every so often it has been a lot of work I know that and I know that every so often it and I know that every so often it was a and I know that every so often it was a little and I know that every so often it was a little disheartening and and I know that every so often it was a little disheartening and not was a little disheartening and not everyone agreed with you was a little disheartening and not everyone agreed with you everyone agreed with you all of the time everyone agreed with you all of the time everyone agreed with you all of the time but I everyone agreed with you all of the time but I time but I also commend you for working time but I also commend you for working with time but I also commend you for working with some very time but I also commend you for working with some very working with some very difficult members, not least working with some very difficult members, not least working with some very difficult members, not least myself, members, not least myself, in getting members, not least myself, in getting members, not least myself, in getting this through Thank members, not least myself, in getting this through

Thank members, not least myself, in getting this through Thank you members, not least myself, in getting this through Thank you members, not least myself, in getting this through

Thank you I getting this through Thank you I call Gareth Hughes call Gareth Hughes

call Gareth Hughes call Gareth Hughes Greetings to all If you look over the Greetings to all If you look over the Greetings to all

If you look over the last year the big Greetings to all If you look over the last year the big Greetings to all If you look over the last year the big four New Greetings to all If you look over the last year the big four New the last year the big four New Zealand the last year the big four New the last year the big four New profit and grew by three times the profit and grew by three times the profit and grew by three times the size of profit and grew by three times the size of New Zealand's profit and grew by three times the size of New Zealand's profit and grew by three times the size of New Zealand's GDP growth size of New Zealand's GDP growth size of New Zealand's GDP growth size of New Zealand's GDP growth over the 10 years size of New Zealand's GDP growth over the 10 years

over the 10 years No longer people are over the 10 years No longer people are over the 10 years No longer people are looking for credit unions over the 10 years No longer people are looking for credit unions in are looking for credit unions in New Zealand

They are looking for credit unions in New Zealand They