CREDS 4.2 Shares

1. (1)

   A Great Britain credit union must not permit a member to have or claim any interest in the sharesof the Great Britain credit union, other than deferred shares, exceeding the greater of:1

   1
   1. (a)

      £10,000; or1

   2. (b)

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

      1
2. (2)

   A Northern Ireland credit union must not permit a member to have or claim any interest in the shares of the Northern Ireland credit union exceeding the greater of:1

   1
   1. (a)

      £15,000; or1

   2. (b)

      1.5 per cent of the total shares in the Northern Ireland credit union.1

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.

1. (1)

   For the purpose only of the limitin CREDS 4.2.1R (1), the interest of a member in a joint account must be treated as 50 per cent of the shareholding in that account.1

2. (2)

   For the purpose only of the limit in CREDS 4.2.1R (2), the interest of a member in a joint account must be treated as the percentage represented by that individual member as a percentage of the total number of members holding an interest in the joint account.1