Registration as a credit union
F1Common bonds: corporate members3A
1
This Article applies for the purposes of determining whether—
a
a body corporate, or
b
an individual acting in the capacity as a partner in a partnership or an officer or member of the governing body of an unincorporated association,
has a common bond within Article 3(4)(a) to (d) in relation to other members of a credit union.
2
The body corporate or individual falls within the common bond specified in Article 3(4)(a) if the principal business of the body corporate, partnership or unincorporated association—
a
requires it to employ or otherwise engage persons who follow the particular occupation, or
b
relates to that occupation in some other way.
3
The body corporate or individual falls within the common bond specified in Article 3(4)(b) if the body corporate, partnership or unincorporated association has a place of business in, or other significant connection with, the particular locality.
4
The body corporate or individual falls within the common bond specified in Article 3(4)(c) if the body corporate, partnership or unincorporated association—
a
employs the persons who qualify for membership under that common bond, or
b
provides services, or is otherwise related, to that employer.
5
The body corporate or individual falls within the common bond specified in Article 3(4)(d) if the body corporate, partnership or unincorporated association is a member of a bona fide organisation or otherwise associated with other members of the society for the purpose specified in that provision.