[7A Power to issue interest-bearing shares]
Credit Unions Act 1979 (1979 c 34) | Legislation

[7A  Power to issue interest-bearing shares]

[(1)     A credit union may issue interest-bearing shares if—

(a)     its rules so provide;

(b)     its most recent year end balance sheet shows that it holds reserves of at least £50,000 or five per cent of its total assets, whichever is greater;

(c)     its auditors have made a report under [section 87 of the 2014 Act] on that balance sheet;

(d)     it has submitted that balance sheet to the [appropriate authority]; and

(e)     it has

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