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