Setting up a Credit Union
The membership of a credit union shall be limited to persons having a common bond of occupation, employment, association, or residence within a defined neighbourhood, community, or rural or urban area.
Any fifteen [15] or more persons -
1. | each of whom is not less than sixteen [16] years of age; |
2. | at least three [3] of whom are not less than twenty-one [21] years of age; |
3. | who satisfy the requirements of section 15; |
4. | who wish to associate themselves together as a credit union for the objects set forth below, |
may be registered as a credit union. The objects of a credit union shall be - |
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1. | to promote thrift among its members; |
2. | to receive the savings of its members either as payment on shares or as deposits; and |
3. | to make loans to its members, exclusively for provident or productive purposes. |