version 1 credit union

a credit union whose Part 4A permission25 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 union7in accordance with sections7 5 7and 7 of the Credit Unions Act 1979 or articles 14 and 23 of the Credit Unions (Northern Ireland) Order 1985 (as appropriate).1423