CRED 7A.1A Members and juvenile depositors

1In relation to membership of credit unions, the Credit Unions Act 1979 provides that:

1. (1)

   a common bond has to exist among the members (section 1(2)(b) - see CRED 13 Annex 1A, CRED 13 Annex 1B, CRED 13 Annex 1C and CRED 13 Annex 2 G);

2. (2)

   only individuals may be members (section 5(1)); and

3. (3)

   a member has to hold at least one share (section 5(2)).

1Membership of a credit union is open only to individuals acting in a private capacity and in their own right. It is not open to:

1. (1)

   a body corporate; or

2. (2)

   an individual acting as a representative of a body corporate or unincorporated association.

1Section 9(1) of the Credit Unions Act 1979 provides that a credit union may take deposits from a person who is under the age at which he may become a member.

1. (1)

   1An explanation of section 9(1) of the Credit Unions Act 1979 is given at paragraph 3 of CRED 13 Annex 2 G.

2. (2)

   The deposits referred to in CRED 7A.1A.2 G (1) are not shares and the persons who make those deposits are not members.