5 Membership and voting rights.E+W+S
F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)A person shall not be a member of a credit union unless he holds at least one fully paid-up share in that credit union, but the rules of the credit union shall not require a person to hold more than £5 in fully paid-up shares as a condition of membership.
F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(4A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)A member of a credit union who [F3ceases to fall within a common bond and as a result would not qualify for admission to membership] shall be entitled, subject to subsection (6) below, to retain his membership unless the rules of the credit union provide otherwise; andF4... in this Act the expression “non-qualifying member”, in relation to a credit union, means a person who remains a member of the credit union by virtue of this sub-section.
F5(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)Non-qualifying members of a credit union shall be left out of account in determining for any purpose [F6whether the requirements of section 1B are met].
(8)A non-qualifying member of a credit union shall be entitled, except so far as the rules of the credit union may provide otherwise, to purchase shares andF7..., to receive loans.
(9)Subject to any provision in the rules of a credit union as to voting by a chairman who has a casting vote, on every matter which is determined by a vote of members of a credit union every member shall be entitled to vote and shall have one vote only.
F2(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 5(1) omitted (8.1.2012) by virtue of The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 15(1) (with arts. 25, 26)
F2S. 5(3)(4)(4A)(10) omitted (2.7.2002) by virtue of S.I. 2002/1501, arts. 1(1), 2(4)
F3Words in s. 5(5) substituted (8.1.2012) by The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 14(1)(a) (with arts. 25, 26)
F4Words in s. 5(5) omitted (8.1.2012) by virtue of The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 16(a) (with arts. 25, 26)
F5S. 5(6) omitted (8.1.2012) by virtue of The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 16(b) (with arts. 25, 26)
F6Words in s. 5(7) substituted (8.1.2012) by The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 14(1)(b) (with arts. 25, 26)
F7Words in s. 5(8) repealed (1.9.1996) by S.I. 1996/1189, art. 6(b)