Credit Union Act 1997

Requirements of, and qualifications for, membership.

17

17. (1) The minimum number of members of a credit union at any time shall be 15 except that, in the case of a credit union which—

( a) by virtue of subsection (3) of section 5 , is at the commencement of that section deemed to be registered as a credit union, and

( b) has at that commencement a membership of not less than 7, but less than 15,

the minimum number of members at any time shall be the number of members on the register of the credit union at that commencement.

(2) Membership of a credit union shall be limited to, and consist of, the signatories to the application to register the society as a credit union and such other persons, having the common bond set out in the rules of the credit union, as have been duly admitted members of the credit union in accordance with the rules and comply with such of the rules as relate to membership.

(3) A person shall not be a member of a credit union unless he has at least one fully paid-up share in the credit union, but the rules of the credit union shall not require a person to have more than F22 [ 10 ], or such larger sum as may be prescribed, in fully paid-up shares as a condition of membership.

F23 [ (3A) Subject to the rules of the credit union concerned, a member who held common bond of that credit union shall not cease to be a member solely because that member no longer holds the common bond of that credit union. ]

F24 [ (4) If a member of a credit union ceases to have the common bond required of members of that credit union, any such member (referred to as a non-qualifying member) shall be left out of account in determining for any purpose whether a common bond exists between the members of the credit union. ]

(5) Subject to any provision to the contrary in the rules of a credit union, a person under the age of sixteen—

( a) may be a member of the credit union, and

( b) subject to subsection (6), may enjoy all the rights of membership, other than voting rights, and can give all necessary receipts.

F25 [ (6) Notwithstanding anything in subsection (5) , a member of a credit union who is not of full age may not be a member of the board of directors or of a principal Committee or an office manager of the credit union. ]

(7) Notwithstanding any other provision of this Act, a body (whether incorporated or unincorporated), the majority of the members of which are, and continue to be, eligible for membership of a credit union may itself be admitted to, and retain membership of, that credit union, with the same rights and obligations as a natural person.

(8) A member of a credit union shall not be excluded from membership by any amendment of the credit union's rules registered after he became a member.

Annotations:

Amendments:

F22

Substituted (1.01.2002) by Euro Changeover (Amounts) Act 2001 (16/2001), s. 6(b), commenced as per section.

F23

Inserted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 6, S.I. No. 393 of 2013.

F24

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 7, S.I. No. 393 of 2013.

F25

Substituted (11.10.2013) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 8, S.I. No. 393 of 2013.