CREDS 4.2 Shares

A credit union must not permit a member to have or claim any interest in the shares of the credit union, other than deferred shares, exceeding the greater of:

1. (1)

   £10,000; or

2. (2)

   1.5 per cent of the total non-deferred shares in the credit union.

Where:

1. (1)

   there is an increase in the percentage of the total non-deferred shares in the credit union held by a member; and

2. (2)

   this is the result of a reduction in the total non-deferred shares in the credit union occurring after the time at which that member last acquired shares, or an interest in the shares, of the credit union, other than deferred shares;

that increase in the percentage of the total non-deferred shares in the credit union held by that member must be disregarded for the purposes of the limits in CREDS 4.2.1 R (2) and CREDS 4.2.5 R.

For the purpose only of the limit in CREDS 4.2.1 R, the interest of a member in a joint account must be treated as 50 per cent of the shareholding in that account.