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 7£15,000, or such lesser amount as may be specified, 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 7in accordance with sections7 5 7and 7 of the Credit Unions Act 1979 . 2 3