What is a Common Bond?

What is a Common Bond?

The Common Bond is the factor that unites Members of a Credit Union. A ‘Common Bond’ is defined as:

  • An area where all the members live or work together in the same locality
  • Where all members are in the same profession or work for the same employer
  • Where all members are in the same club or association
The Common Bond defined in our rules:

a) an individual residing in or being employed in the locality of the County of Derbyshire or the City of Derby as delineated on the attached map

b) a body corporate, an individual in his/her capacity as a partner in a partnership, an individual in his/her capacity as an officer or member of the governing body for an unincorporated association, if the body corporate, partnership or unincorporated association has:

i. a place of business in the above locality

c) an individual who is a member of the same household as, and is a relative of, an individual who is a member of the credit union and falls directly within a common bond specified above


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