Legislation now allows Credit Unions to include corporate members in it's membership qualification.
Definition of corporate membership is :
A Body Corporate
A body corporate is a limited company or limited liability partnership that has been incorporated with Companies House. The body corporate can become a member in it's own name assuming it fulfils the criteria for corporate membership under the Credit Union's membership qualifications.
In respoect of a Partnership there must be a nominated representative (individual) who becomes the member in his/her capacity as a partner in the partnership. The partnership must be eligible under the Credit Union's rules.
A Governing Body or Unincorporated Association
As with partnerships the credit union account shall be in the name of the registered individual. The person must be an officer of the governing body of the unincorporated association and will be known as the Designated Representative. The individual does not need to satisfy the criteria for individual membershipof the Credit Union but the Association must be eligible under the corporate membership qualification of the Credit Union's rules.
If you feel that your company qualifies under these rules and you would like to open an account please see the attached form for Corporate Membership and contact the office for further guidance.
United Welsh opened their Corporate Account with Smart Money Cymru in October 2013.