ARTICLE] Name and Purpose

Section 1, The name of this credit union shall be Central Credit Union Ltd. Section 2, The purpose of this credit union is to promote thrift among its members by affording them an opportunity for accumulat- ing their savings, to create for them a source of credit for provident or productive purposes at a reasonable rat of interest and to provide the opportunity for the members to use and control their money for their mutual benefit.

ARTICLE II

Qualifications for membership

Section 1, The field of membership shall be limited to subscribers who are residents of Prince Edward Island.

Section 2, Any Credit Union organized under the Credit Union Act of Prince Edward Island may admit any other Credit Union incorpo- rated under said Act into its membership.

Section 3, Societies, associations, partnerships and corporations composed for the most pat of individuals who are eligible for membership may be admitted to membership in the same manner and under the same conditions 5 individuals but may not borrow an amount in excess of its or their shareholdings without the approval of the RE]. Credit Union League Ltd.

Section 4, Subject to such conditions as the Board of Directors may establish, a member who ceases to be within the field of membership may retain his membership.

Section 5. Each application for membership must be in writing and must be approved in the manner set forth in Article VII, Section 5 (a) of these bylaws.

Section 6, An applicant shall not be admitted to membership until:

(a) It shall have been determined that he is eligible for membership;

(b) his application for membership shall have been approved by the affirmative vote of a majority of the directors or a majority of the members of a duly appointed committee, authorized to approve applications for membership, present at the meeting at which the application is acted upon, or by a duly appointed and authorized membership officer; and

(c) he shall have qualified as a member by paying an entrance fee of 25c and subscribing for at least one share of this Credit Union and paying the first installment thereon.

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