Credit Union Nominations and Provision for Small Payments on Death: Increase in Statutory Limits
Section 21 Nominations
As practitioners are aware, section 21 of the Credit Union Act 1997 (as amended) allows a member of a credit union to nominate up to (originally £10,000 and increased to €13,000 by section 6 of the Euro Changeover (Amounts) Act), which nominated sum will fall outside the terms of the will or intestacy of the member.
This nomination is revoked by the subsequent marriage, but not the subsequent will, of the member. SI 546 of 2006 increased the sum that a credit union member could nominate under section 21 of the Credit Union Act 1997 (as amended) from €13,000 to €23,000, with effect from 17 October 2006.
Section 23: Provision for Small Payments on Death
Section 23 of the act (as amended) allows the directors of a credit union to distribute the property of a member to those entitled by law without the necessity of a grant of representation up to (originally £5,000 and increased to €6,400 by section 6 of the Euro Changeover (Amounts) Act). SI 546 of 2006 also increased the amount that the directors of a credit union could pay out without production of a grant of representation under section 23 of the Credit Union Act 1997 (as amended) from €6,400 to €15,000, with effect from 17 October 2006.