Credit Union Act 1997

Nomination of property in credit union.

21

21. (1) Subject to subsections (2) to (4), a member of a credit union who is of or over the age of sixteen may, by a written statement signed by him and—

( a) made in any book kept at the credit union's registered office, or

( b) delivered at or sent to that office during his lifetime,

nominate a person or persons to become entitled at his death to the whole, or such part or parts as may be specified in the nomination, of any property in the credit union (whether in savings, loans, insurances or otherwise) which he may have at the time of his death.

(2) The nomination by a member of a credit union under subsection (1) of a person who is at the date of the nomination an officer of the credit union shall not be valid unless that person is a member of the nominator's family.

(3) For the purpose of the disposal of any property which is the subject of a nomination under subsection (1), if at the date of the nominator's death the amount of his property in the credit union comprised in the nomination exceeds F26 [ 23,000 ], the nomination shall be valid to the extent of F26 [ 23,000 ] but not further or otherwise.

(4) A nomination by a member of a credit union under subsection (1) may be revoked or varied by a subsequent nomination by him under that subsection or by any similar document in the nature of a revocation or variation signed by the nominator and delivered to the credit union's registered office during his lifetime; but such a nomination shall not be revocable or variable by the will of the nominator or by any codicil to his will.

(5) Each credit union shall keep a record—

( a) of the names of all persons nominated by its members under subsection (1) and such other details as will positively identify the nominees; and

( b) of all revocations or variations (if any) of nominations under that subsection.

(6) The marriage of a member of a credit union shall operate as a revocation of any nomination made by him under subsection (1) before his marriage, but if, in ignorance of a later marriage, an officer of the credit union transfers any property of that member in pursuance of such a nomination, the receipt of the nominee shall be a valid discharge to the credit union, and the credit union shall be under no liability to any other person claiming the property.

(7) A nomination under subsection (1) shall be revoked by the death of the nominee before the death of the nominator.

Annotations:

Amendments:

F26

Substituted (17.10.2006) by Credit Union Act 1997 (Alteration of Financial Limits) Regulations 2006 (S.I. No. 546 of 2006), reg. 2(a).

Editorial Notes:

E18

Previous affecting provision: subs. (3) amended (1.01.2002) by Euro Changeover (Amounts) Act 2001 (16/2001), s. 6(c), commenced as per section; further amended as per F-note above.