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 -

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.