Credit Union Act, 1966

Receipt and withdrawal of deposits.

9.—(1) Subject to subsection (2) of this section, a credit union may accept money from a member on deposit in accordance with its rules.

(2) The total amount held on deposit by a credit union at any time shall not exceed the paid up share capital of the credit union at that time.

(3) Notwithstanding anything in the rules of a credit union or in any contract, the credit union may require not less than twenty-one days' notice from a member of his intention to withdraw a deposit.

(4) The rate of interest payable by a credit union on deposits of a particular class at a particular time shall be the same for all deposits then belonging to that class.

(5) A member of a credit union shall not withdraw a deposit therein if upon such withdrawal the nominal value of the shares and deposits therein then held by him would be less than his total liability (including contingent liability) to the credit union, whether as borrower, guarantor or otherwise.

(6) A credit union shall cause to be kept a record of the deposits made by each member, of any withdrawals of deposits made by him, and of the dates of such deposits and such withdrawals.