(1) All shares in a credit union shall be of £1 denomination and may, subject to the rules of the credit union, be subscribed for either in full or by periodical or other subscriptions but no share shall be allotted to a member until it has been fully paid in cash.

(2) Shares in a credit union, other than deferred shares, shall not be transferable and a credit union shall not issue to a member a certificate denoting ownership of a share.

(3) Nothing in subsection (2) above shall affect the operation of section 39(2) of the 2014 Act (transfer in pursuance of nomination on death of nominator).

(4) Subject to subsection (5) and section 11(1C) below, shares in a credit union, other than deferred shares, shall be withdrawable but a credit union shall not issue shares except on terms enabling it to require not less than sixty days' notice of withdrawal.

(5)

Subsection (5A) applies where a credit union has

(a) made a loan to a member which is treated by virtue of section 11A(2) below as a secured loan, or