0 an organization that lends money to its members at low rates of interest
1 an organization that lends money to its members at low rates of interest (= extra money)
2 a financial organization that is owned and controlled by its members, who can borrow at low interest rates from the money they have saved as a group:
Has there been any distinction between that income when distributed to members and the internal profits of a credit union?
A second factor is that a well-run credit union is more than simply a savings and loan club.
But if a credit union is not eligible for registration, or if it is de-registered, the point may become somewhat acute.
We are told that the profits of a registered credit union are not to be sub- ject to corporation tax or income tax.
Membership of a credit union could enable such people to keep a line open to cheap credit facilities.
These will be significant in some areas, such as removing the requirement for a credit union to demonstrate the existence of a common bond.
There is one exception to the "common bond" requirement for joining a credit union.
It is good that we have already heard one of the answers to the problems: the growth of the credit union movement.
