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Terms and conditions

QUALIFICATIONS FOR MEMBERSHIP Membership (1) Membership shall be limited to and consist of the signatories to the application to register the credit union and such other persons having the common bond of Upper and Lower Mourne as constituted on the 1st day of January 1971 in the Diocese of Down and Connor in the County of Down as have been elected members of the credit union in accordance with the provisions of these rules and comply with such other rules as relate to membership. In addition, family members residing in the same household as a directly qualifying member may be regarded as also having the qualification for membership. (2) The minimum number of members within the aforementioned bond shall be 21. (3) Each application for membership must be in writing and must be approved in the manner set forth in Rule 7 in accordance with Form AA set out in the Appendix hereto. Qualification for membership Only individuals shall be members of the credit union. An applicant shall be admitted to membership only when: (a) it has been determined that he is eligible for membership; and (b) his application has been approved by the affirmative vote of a majority of the directors or by the majority decision of a duly appointed and authorised membership committee present at a meeting at which the application is acted upon, or by a duly appointed and authorised membership officer; and (c) he has paid an entrance fee of £1.00 (not more than £1); and (d) he has paid for a minimum of. £5.00 share(s) in the credit union; and (e) he has complied with the identification requirements as determined by law from time to time. Cesser of membership A person ceases to be a member: (a) on his withdrawal from the credit union; or (b) on ceasing to hold the minimum shareholding of £5.00 in the credit union; or (c) on death; or (d) on expulsion from the credit union. Forfeiture of payment on shares Written notice to his last known address may be sent to any person who fails, within one year of his application for membership of the credit union to complete payment of £5.00 shares(s) and to any person who ceases to hold £5.00 share(s) after he has been admitted to membership, which notice may provide that unless his share balance is increased to £5.00 or withdrawn within 30 days of the date of the notice, such balance may be declared forfeited by the board of directors in favour of the general funds.