Status: You are viewing the version of the handbook as on 2005-06-30.

version 1 credit union

    a credit union whose Part IV permission includes a requirement (whether for all or for particular purposes) that it must not lend more than £10,000 in excess of a member's shareholding;

    in this definition a "member's shareholding" means any shares held by a member of the credit union within limits set bysection 5 of the Credit Unions Act 1979 . 2 3