[31A]
Credit Unions Act 1979 (1979 c 34) | Legislation

[31A ]

[(1)     In this Act, references to deferred shares are to a class of shares where—

(a)     the rights and obligations of the credit union and the member in respect of those shares are set out in a single document, or in a series of documents (“the issue documentsâ€);

(b)     each of the issue documents is provided to every applicant for the shares;

(c)     one of the issue documents contains a prominent statement to the effect that the shares are deferred shares for

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