Common bonds and objects for credit unions

Each particular occupation should be listed as part of the common bond. You can list more than one occupation but cannot list all occupations.

You should use the 'Unit' or 'Minor' Group classifications used by the Office for National Statistics (ONS). You can find more information on these codes on the ONS website[4].

Example wording for individuals

1. An individual who follows an occupation in the following Unit Group of the Office of National Statistics’ Standard Occupational Classification 2020:
   • 1111 Chief executives and senior officials
   • 1112 Elected officers and representatives
2. An individual who follows an occupation in the following Minor Group of the Office of National Statistics’ Standard Occupational Classification 2020:
   • 111 Chief Executives and Senior Officials
   • 112 Production Managers and Directors

Example wording for corporate bodies

A corporate body, an individual in his/her capacity as a partner in a partnership, an individual in his/her capacity as an officer or a member of the governing body of an unincorporated association, if the principal business of the body corporate, partnership or unincorporated association:

1. Requires it to employ or otherwise engage persons who follow the above occupation
2. Relates to the above occupation in the following way:
   (state the way in which the principal business of the corporate body, partnership or unincorporated association relates to the particular occupation)

You will need to select at least one of the above options. If the second option is selected, you will need to state the way in which it relates to the occupation.

The name of more than one employer may be listed. You must list each employer separately.

You may cover more than one employer by including a group.

Example wording for individuals

1. An individual who is employed by:
   • XYZ Limited 
   • ABC Group

Example wording for corporate bodies

A corporate body, an individual in his/her capacity as a partner in a partnership, an individual in his/her capacity as an officer or a member of the governing body of an unincorporated association, if the body corporate, partnership or unincorporated association:

1. Is the above employer.
2. Provides services to the above employer.
3. Is related to the above employer in the following way: (state the way in which the corporate body, partnership or unincorporated association is related to the particular employer).

You will need to select at least one of the above options. If the third option is selected, you will need to state the way in which it relates to the employer.

You can include both residents and employees (or both) in a particular locality. You will need to amend the wording as needed.

When including the locality common bond there is a potential membership limit.

For credit unions in Great Britan the potential membership must not exceed 3 million.

Example wording for individuals:

1. An individual who resides or is employed in the locality of...
2.  An individual who resides in the locality of...
3. An individual who is employed in the locality of…

Example wording for corporate bodies:

A corporate body, an individual in his/her capacity as a partner in a partnership, an individual in his/her capacity as an officer or a member of the governing body of an unincorporated association, if the body corporate, partnership or unincorporated association has:

1. a place of business in the above locality
2. the following significant connection with the above locality: (state the significant connection between the corporate body, partnership or unincorporated association and the particular locality)

You will need to select at least one of the above options. If the second option is selected, you will need to state the way in which it relates to the locality.

Bona Fide Organisation

An organisation is not bona fide if it exists only to provide a basis for the credit union’s membership qualification. The organisation must be a membership-based organisation.

You can name more than one bona fide organisation and if you would like to name a class of organisation, you must clearly define what makes the class organisation bona fide and eligible for membership.

Individuals otherwise associated

The individuals must not be associated merely for the purpose of forming a credit union.

Individuals must be associated with other individuals/members. The rule may state more than one way in which individuals are associated.

Example wording for individuals:

1. An individual who is a member of the following bona fide organisation:
   • XYZ Limited
   • An individual who is associated with other members through attending the following place of worship (name the place of
     worship)’
2. An individual who is associated with other members through receiving a pension from
   • XYZ Limited

Example wording for corporate bodies:

A corporate body, an individual in his/her capacity as a partner in a partnership, an individual in his/her capacity as an officer or a member of the governing body of an unincorporated association, if the body corporate, partnership or unincorporated association is:

• a member of the above bona fide organisation
• associated with other individuals and corporates in the way set out above.

Delete the above points as necessary.

Additional organisations and purposes cannot be added to these options for corporates. A corporate must be a member of the same organisation as the one specified for individuals or associated in the same way as the individuals.

You can use this common bond if you want to admit family members.

The effect of the legislation is that, if a credit union’s rules do not provide explicitly for ‘family’ members, they cannot be admitted.

Example wording for Great Britain

An individual who is a member of the same household as, and is a relative of, an
individual who is a member of the credit union and falls directly within a common bond specified above.

Example wording for Northern Ireland

An individual who is a member of the same household as, and is a member of the family of, another person who is a member of the credit union and who has a direct common bond with those other members.

Corporates cannot qualify as 'family members'.