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Tuesday, 10 November 2026
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One major characteristic of credit unions and thrift societies is that

One major characteristic of credit unions and thrift societies is that
Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE
  • A The contribution of every member depends on the member's ability
  • B The legal processes involved in their formation are rigid
  • C Membership is compulsory to people in the same line of business
  • D A minimum of ten people in the same line of business can form the union
Correct Answer: Option D
Explanation:
One major characteristic of credit unions and thrift societies is that a minimum of ten people in the same line of business can form the union. They are formed by a group of people with a common bond.

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