Article 3 Common bond requirement

Section 1 (qualifications for registration)^f1 is amended as follows.

In subsection (2), for paragraph (b), substitute—

“(b)

that as a result of any provision of the rules, admission to membership of the society meets the requirement specified in subsection (3A) or (3B) below (whether or not any other qualifications for admission to membership are also required by the rules) and that in consequence, a common bond exists between members of the society.”.

After subsection (3), insert—

“(3A)

The requirement specified in this subsection is that admission to membership of the society is restricted to persons all of whom fulfil the same specific qualification for admission to membership, being a qualification specified in, or approved under, subsection (4) below as being appropriate to a credit union.

(3B)

The requirement specified in this subsection is that admission to membership of the society is restricted to persons each of whom fulfils either—

(a)

the qualification for admission to membership specified by paragraph (e) of subsection (4) below as being appropriate to a credit union; or

(b)

the same specific qualification for admission to membership, being a qualification which is so specified in paragraph (a), (b), (c), (d) or (f) of that subsection.”.