(1) The minimum number of members of a credit union at any time shall be 15 except that, in the case of a credit union which -
(a) by virtue of subsection (3) of section 5, is at the commencement of that section deemed to be registered as a credit union, and
(b) has at that commencement a membership of not less than 7, but less than 15,
the minimum number of members at any time shall be the number of members on the register of the credit union at that commencement.
(2) Membership of a credit union shall be limited to, and consist of, the signatories to the application to register the society as a credit union and such other persons, having the common bond set out in the rules of the credit union, as have been duly admitted members of the credit union in accordance with the rules and comply with such of the rules as relate to membership.
(3) A person shall not be a member of a credit union unless he has at least one fully paid-up share in the credit union, but the rules of the credit un