Conditions for registration

(1) No credit union may be registered or having been registered may continue to be so registered under this Act– (a) unless it is considered to be economically viable by the Registrar on the basis of the requirements outlined in sub-section 2; (b) unless its membership consists of at least twenty- five members; (ba) unless it is a member of the Deposit Insurance CAP. 251:01 Fund under the Deposit Insurance Act; (c) if, subject to sub-section (2), its membership consists solely of members of a school, club or cultural organization who are all under the age of eighteen years; 16 Credit Unions Act (d) unless there is conformity among the with all the principles as set out in section 4; (e) unless the words “credit union” form part of the name of the credit union; (f) unless the word “limited” is the last word of the name of a credit union to be registered with limited liability; (g) if the name of the credit union is identical with that of another credit union or so nearly resembles that name as to be likely to mislead the members of the public as to its identity; (h) unless it has and maintains an address to which all notices and communications may be sent; (i) unless its by-laws are in conformity with the Act and rules. (2) In the determination of the viability of a credit union, the Registrar shall assess the following– (a) the demand for the proposed services; (b) the asset base of the credit union; (c) the membership size and growth potential of the credit union; and (d) the capacity and qualification of its leadership to provide competitive products and services on a sustainable basis. Credit Unions Act 17 (e) any other matter that may be considered relevant for assessing the viability of a credit