Credit Union Act, 1997

Provision for small payments on death.

23.—(1) If a member of a credit union dies and, at his death, his property in the credit union (whether in savings, loans, insurance or otherwise)—

(a) does not in the whole exceed the maximum relevant for the purposes of this section, and

(b) is not the subject of a nomination under section 21 ,

the board of directors may, without letters of administration or probate of any will, distribute that property among such persons as appears to the board (on such evidence as they consider satisfactory) to be entitled by law to receive it.

(2) The maximum referred to in subsection (1) (a) is £5,000 or such greater amount as may be prescribed.