(1) In this Act, references to deferred shares are to a class of shares where -
(a) the rights and obligations of the credit union and the member in respect of those shares are set out in a single document, or in a series of documents ("the issue documents");
(b) each of the issue documents is provided to every applicant for the shares;
(c) one of the issue documents contains a prominent statement to the effect that the shares are deferred shares for the purposes of this Act;
(d) each of the issue documents contains a prominent statement stating whether the shares are, or are not, an investment covered by the Financial Services Compensation Scheme (see section 213 of the Financial Services and Markets Act 2000);
(e) any document evidencing title to the shares contains the statements required by paragraphs (c) and (d) above;
(f) one of the issue documents contains a term which prohibits the repayment of any principal to the shareholder except in Case A or Case B.
(2) Case A is the windi
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