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Amendment of section 17 of Principal Act (requirements of, and qualifications for, membership)
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9. Section 17 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “Subject to subsection (1A), the minimum number” for “The minimum number”,
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(b) by the insertion of the following subsection after subsection (1):
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“(1A) The minimum number of members of a corporate credit union at any time shall be 2.”,
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(c) in subsection (2), by the substitution of “Subject to subsection (2A), membership of a credit union” for “Membership of a credit union”,
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(d) by the insertion of the following subsection after subsection (2):
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“(2A) Where a signatory to an application to register a society as a credit union has signed on behalf of a non-natural person, the non-natural person and not the signatory shall be the member of the credit union.”,
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(e) in subsection (3), by the substitution of “unless the person has” for “unless he has”,
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(f) in subsection (3A), by the substitution of “Subject to subsection (3B) and the rules of the credit union concerned” for “Subject to the rules of the credit union concerned”,
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(g) by the insertion of the following subsection after subsection (3A):
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“(3B) A member of a corporate credit union shall cease to be a member of the corporate credit union upon ceasing to be a credit union.”,
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(h) in subsection (5), by the substitution of “a natural person” for “a person”,
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(i) by the substitution of the following subsection for subsection (7):
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“(7) Notwithstanding any other provision of this Act, a body (whether incorporated or unincorporated), other than a corporate credit union, may be admitted to, and retain membership of, a credit union, with the same rights and obligations as a natural person where—
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(a) the majority of the members of the body are, and continue to be, eligible for membership of the credit union,
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(b) the body has the common bond, set out in the rules of the credit union, in relation to the other members of the credit union, or
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(c) the body is a public body designated in an order made under subsection (7B) as being eligible for membership of—
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(i) the credit union, or
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(ii) a category of credit unions to which the credit union belongs.”,
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(j) by the insertion of the following subsections after subsection (7):
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“(7A) For the purposes of ascertaining whether a body has the common bond referred to in paragraph (b) of subsection (7)—
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(a) a body shall be treated as following a particular occupation where its business is that of a person following the occupation, and
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(b) a body shall be treated as residing in a particular locality where it has a place of business in that locality.
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(7B) The Minister may, following consultation with the Advisory Committee and such other bodies as appear to the Minister to be expert or knowledgeable in matters relating to credit unions, by order designate a public body as being eligible for membership of a credit union or a specified category of credit unions, which order shall specify the reasons for which the public body is so eligible.
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(7C) The reasons referred to in subsection (7B) shall—
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(a) where a credit union is specified in the order, be reasons relating to the common bond of the credit union, or
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(b) where a category of credit unions is specified in the order, be reasons relating to the common bonds of credit unions falling within that category.”,
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and
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(k) by the insertion of the following subsection after subsection (8):
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“(9) A credit union shall—
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(a) in the case of a credit union registered before the commencement of section 9(k) of the Credit Union (Amendment) Act 2023, not later than 6 months after such commencement, and
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(b) in the case of a credit union registered after such commencement, not later than 6 months after its registration,
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put in place a process, approved by the board of directors, for the approval of applications for membership of the credit union.”.
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