Thank you, Madam Chair. The Standing Committee on Social Programs conducted its public review of Bill 13, An Act to Repeal the Credit Union Act, on November 1, 2012. The committee thanks the Minister and his staff for presenting the bill.

The Credit Union Act is so out of date that it is inoperative. There have been no credit unions in the Northwest Territories since 1978. Meanwhile, changes to the federal legislation will soon enable NWT-based credit unions and national credit unions to operate here.

Bill 13 also deletes references to the Credit Union Act in two other territorial acts. Following the committee’s review, a motion was carried to report Bill 13 to the Assembly as ready for consideration in Committee of the Whole.

This concludes the committee’s opening comments on Bill 13. Individual Members may have additional questions or comments as we proceed.