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You are viewing the version of the document as on 2022-01-14.

attached shares

83(in CREDS) means any shares in the credit union (other than any deferred shares):

  1. (a) (in relation to a Great Britain credit union) 88the withdrawal of which is not permitted by section 7(5) of the Credit Unions Act 1979 or (in relation to a Northern Ireland credit union) the withdrawal of which is not permitted by article 23(4) of the Credit Unions (Northern Ireland) Order 1985; or88
  2. (b) (in relation to a Great Britain credit union) 88the withdrawal of which is not permitted by the terms of a loan made to a member; or
  3. (c) the withdrawal of which is not permitted without seeking and obtaining the permission of the committee of management of the credit union.

In relation to a Great Britain credit union, paragraph88 (c) is relevant only where the credit union made a loan to the holder of the shares before the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 came into force.