§412:10-109  Membership.  (a)  The
membership of a credit union shall consist of those persons who share a common
bond set forth in the articles of association, have been duly admitted members,
have paid any required one-time or periodic membership fee, or both, have
subscribed to one or more shares and have complied with such other requirements
as the articles of association and bylaws specify.



(b)  Organizations comprised primarily of
individuals who are eligible for membership in the credit union, and corporations
whose total number of stockholders or whose majority stockholders are comprised
primarily of such individuals, may be admitted to membership in the same manner
and under the same conditions as individuals.  Likewise, organizations one of
whose principal functions is to provide services to persons who are eligible
for membership in the credit union may be admitted to membership.  Other
organizations having a commonality of interest with the credit union may be
admitted to membership with the approval of the commissioner.



(c)  Any credit union organized under this
article may accept as a member any other credit union organized under this
chapter or federal law.



(d)  The board of directors shall act on all
membership applications, unless the board has appointed one or more membership
officers, who shall be empowered to approve or disapprove membership
applications according to criteria established in the bylaws and under the
direction of the board.  A record of the actions taken by a membership officer
shall be made available in writing to the board of directors for inspection. 
Any person whose application has been disapproved may appeal such decision to
the board in writing.



(e)  Members who cease to be eligible for
membership may be permitted to retain their membership in the credit union,
under reasonable standards established by the board of directors.



(f)  The members of a credit union shall not be
personally or individually liable for the payment of the credit union's debts
solely by virtue of holding membership.



(g)  The board of directors may expel a member
from membership in the credit union, if such member fails to comply with the
articles, bylaws, rules, or regulations of the credit union, any law applicable
to the credit union, or for any other just cause; provided that no member may
be expelled unless:



(1)  The member has been informed in writing of the
reasons for the expulsion;



(2)  The member has, upon request, a reasonable
opportunity to present evidence and argue against the expulsion, before a
hearing panel consisting of the board of directors and the supervisory
committee; and



(3)  If the hearing is requested, a majority of the
hearing panel votes to expel the member.



The amounts paid by an expelled member for shares of
the credit union shall be paid to such member after deducting any amounts due
by such member to the credit union; provided that such expulsion shall not
relieve the expelled member from any remaining liability to the credit union.



(h)  Any proposed change to a credit union's
field of membership, whether it is an addition, deletion, or simple update,
shall require the prior written approval of the commissioner.  Upon receipt of
the commissioner's approval, the change shall be reflected formally in the
credit union's articles of association. [L 1993, c 350, pt of §1; am L 1995, c
57, §1]