Credit Union Act, 1966

Membership of a credit union.

4.—(1) Membership of a credit union shall be limited to and consist of the signatories to the application to register the society under the Principal Act and such other persons, having the common bond set out in the rules of the credit union, as have been elected members of the credit union in accordance with the rules and comply with such of the rules as relate to membership.

(2) A member of a credit union who ceases to have the common bond required of members of that credit union may retain his membership and voting rights therein and the credit union may continue to accept from that member money in respect of shares or deposits in the credit union and may make further loans to that member, provided that his total indebtedness to the credit union does not exceed the sum of his shares and deposits in that credit union.

(3) The acquisition and cesser of membership of a credit union subsequent to its registration under the Principal Act shall be governed by the rules; provided that—

(i) membership shall not be acquired by a person holding less than one share in that credit union;

(ii) an entrance fee of not more than one pound may be charged by the credit union; and

(iii) a person shall not be obliged by a credit union to pay more than five pounds in respect of shares or deposits, or both, therein in order to become a member.

(4) Notwithstanding any other provision of this Act, any per son other than a natural person, the majority of the members of which are, and continue to be, eligible for membership of a credit union may be admitted to and retain membership of that credit union with the same rights and obligations as a natural person.