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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 81

Membership of credit union.

81.(1) Only individuals shall be members of a credit union.

(2) A person shall not be a member of a credit union unless he holds at least
one fully paid up share in that credit union but the rules of the credit union
shall not require a person to hold more than five pounds in fully paid up
shares as a condition of membership.

(3) A member of a credit union shall not have or claim any interest in the
shares of the credit union exceeding [three thousand pounds].

(4) Notwithstanding section 78(1) and subject to subsection (5), a member of a
credit union who ceases to have the common bond which qualified him for
membership may, subject to the rules of the credit union and at the discretion
of the board of directors, retain his membership and voting rights in the
credit union and continue to purchase shares and, provided his total liability
(including contingent liability) to the credit union whether as borrower,
guarantor or otherwise does not exceed his total paid up share holding in the
credit union, receive loans.

(5) The number of persons permitted to continue as members of a credit union
by virtue of subsection (4) shall not at any time exceed ten per cent. of the
total membership of that credit union.

© 1969 Crown Copyright

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