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) F42[Subject to subsection (2A), 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.

F43[(2A) Where a signatory to an application to register a society as a credit union has signed on behalf of a non-natural person, the non-natural person and not the signatory shall be the member of the credit union.]

(3) A person shall not be a member of a credit union F42[unless the person 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 F44[€10], or such larger sum as may be prescribed, in fully paid-up shares as a condition of membership.

F45[(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.]

F46[(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, F42[a natural 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.

F47[(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.]

F42[(7) Notwithstanding any other provision of this Act, a body (whether incorporated or unincorporated), other than a corporate credit union, may be admitted to, and retain membership of, a credit union, with the same rights and obligations as a natural person where—

(a) the majority of the members of the body are, and continue to be, eligible for membership of the credit union,

(b) the body has the common bond, set out in the rules of the credit union, in relation to the other members of the credit union, or

(c) the body is a public body designated in an order made under subsection (7B) as being eligible for membership of—

(i) the credit union, or

(ii) a category of credit unions to which the credit union belongs.]

F43[(7A) For the purposes of ascertaining whether a body has the common bond referred to in paragraph (b) of subsection (7)—

(a) a body shall be treated as following a particular occupation where its business is that of a person following the occupation, and

(b) a body shall be treated as residing in a particular locality where it has a place of business in that locality.

(7B) The Minister may, following consultation with the Advisory Committee and such other bodies as appear to the Minister to be expert or knowledgeable in matters relating to credit unions, by order designate a public body as being eligible for membership of a credit union or a specified category of credit unions, which order shall specify the reasons for which the public body is so eligible.

(7C) The reasons referred to in subsection (7B) shall—

(a) where a credit union is specified in the order, be reasons relating to the common bond of the credit union, or

(b) where a category of credit unions is specified in the order, be reasons relating to the common bonds of credit unions falling within that category.]

(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.

F48[(9) A credit union shall—

(a) in the case of a credit union registered before the commencement of section 9(k) of the Credit Union (Amendment) Act 2023, not later than 6 months after such commencement, and

(b) in the case of a credit union registered after such commencement, not later than 6 months after its registration,

put in place a process, approved by the board of directors, for the approval of applications for membership of the credit union.]