(1)A credit union may admit bodies corporate as members if its rules so provide.
(2)The number of corporate members of a credit union shall not at any time exceed ten per cent of the total number of members of the credit union or such higher percentage as may be specified.
(3)The number of shares allotted to corporate members of a credit union shall not at any time exceed twenty-five per cent of the total shares allotted to all members of the credit union or such higher percentage as may be specified.
(4)For the purpose of subsection (3) above, the total shares allotted to all members of the credit union shall be that found in the most recent year-end balance sheet submitted to the Authority.
(5)In this section—
(a)“specified” means specified by order made by the Treasury;
(b)“shares” means shares other than deferred shares.
(6)In this Act “corporate member”, in relation to a credit union, means—
(a)a body corporate which is a member of the credit union;
(b)an individual who is a member of the credit union in his capacity as a partner in a partnership; or
(c)an individual who is a member of the credit union in his capacity as an officer or member of the governing body of an unincorporated association.]
Textual Amendments
F1S. 5A inserted (8.1.2012) by The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (S.I. 2011/2687), arts. 1(1)(b), 15(2) (with arts. 25, 26)