The Common Bond

The common bond is that factor which unites all members of a Credit Union.It defines the area within which the Credit Union can operate. The Credit Union Act 1997 section 6.3 defines the common bond as referring to:
  • following a particular occupation;
  • residing or being employed in a particular locality;
  • being employed by a particular employer, or having retired from employment with a particular employer;
  • being a member of a bona fide organisation, or being otherwise associated with other members of the society for a purpose other than that of forming a society to be registered as a Credit Union;
  • any other common bond approved by the Registrar