Rules and membership
5AF1Corporate members
1
A credit union may admit bodies corporate as members if its rules so provide.
2
The number of corporate members of a credit union shall not at any time exceed ten per cent of the total number of members of the credit union or such higher percentage as may be specified.
3
The number of shares allotted to corporate members of a credit union shall not at any time exceed twenty-five per cent of the total shares allotted to all members of the credit union or such higher percentage as may be specified.
4
For the purpose of subsection (3) above, the total shares allotted to all members of the credit union shall be that found in the most recent year-end balance sheet submitted to the F2appropriate authority.
5
In this section—
a
“specified” means specified by order made by the Treasury;
b
“shares” means shares other than deferred shares.
6
In this Act “corporate member”, in relation to a credit union, means—
a
a body corporate which is a member of the credit union;
b
an individual who is a member of the credit union in his capacity as a partner in a partnership; or
c
an individual who is a member of the credit union in his capacity as an officer or member of the governing body of an unincorporated association.