Credit Union Act 1997

Shares: general provisions.

28

28. (1) All shares in a credit union shall be of F31 [ 1 ] denomination and, subject to the rules of the credit union, may be subscribed for either in full or by periodical or other subscriptions, but no share shall be allotted to a member until it has been fully paid in cash.

(2) A credit union shall not issue to a member a certificate denoting ownership of a share.

(3) All withdrawable shares in a credit union shall have equal rights.

(4) All non-withdrawable shares in a credit union shall have equal rights, and repayments in respect of such shares shall not be capable of being made except as provided by this Act.

(5) Notwithstanding subsection (1), whenever its board of directors so recommends, a credit union may apply any sum standing to the credit of its reserves F32 [ (other than the reserves required to be held under section 45 ) ] to the payment up of shares, and may issue the shares to members as fully paid-up bonus shares in the proportions to which the members would have been entitled if the sum concerned had been distributed by way of dividend.

Annotations:

Amendments:

F31

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

F32

Substituted (1.01.2016) by Credit Union and Co-operation with Overseas Regulators Act 2012 (40/2012), s. 35 and sch. 1 item 9, S.I. No. 584 of 2015.