Credit unions are incorporated under the Friendly Societies and Credit Unions Act 1982 (the Act).
A credit union is a member-owned co-operative financial organisation set up to provide savings and loan facilities for its members. A common bond must exist among the members, for example, residing in a particular geographical location or being employed by a particular employer. Members invest their savings and receive a dividend.
No person can carry on business as a credit union without being incorporated under section 98(1) of the Act.