Membership of credit union, membership shares not to be pledged assecurity for loans.
370.080. 1. The membership shall consist of the organizers and suchpersons, societies, associations, copartnerships and corporations as havebeen duly elected to membership and have subscribed to one or more generalshares, or one membership share and/or membership fee when required, andhave paid for the same in the whole or in part, with the entrance fee asrequired by the bylaws, and have complied with such other requirements asthe certificate of organization may contain.
2. A credit union shall be composed of one or more groups of persons.The members of each such individual group must share:
(1) A common occupation, association, employer or;
(2) A geographic area which may include all those persons who resideor work in a city not within a county or a county, in which the main officeof the credit union is located as reported on the National Credit UnionAdministration (NCUA) 2006 year-end 5300 call report, and countiescontiguous to such areas as may be approved by the director. The directorshall not allow a geographic area credit union to expand beyond countiescontiguous to a city not within a county or a county in which its mainoffice is located. The director shall not allow a credit union to expandits geographic area due to a relocation of the credit union's main office.
3. No individual shall be eligible for membership in a credit unionon the basis of the relationship of such individual to another person whois eligible for membership in such credit union unless the individual is amember of the immediate family or household, as such terms are defined bythe commission, of such person. Except as provided in section 370.340,once a person becomes a member of a credit union in accordance with thischapter, such person or organization may remain a member of such creditunion until the person or organization chooses to withdraw from themembership of the credit union.
4. Each credit union may, at the option of the board, create one ormore classes of shares which shall be known as "membership share"representing the member's ownership interest in the credit union on suchterms and conditions as the board of directors may determine, notinconsistent with the bylaws, provided that each membership share shallhave a par value of not less than twenty-five nor more than one hundreddollars. A membership share shall not be pledged as security on any loan.
5. Notwithstanding any other provisions of this chapter to thecontrary, in the event of liquidation of the assets of the credit union,the membership share shall be at risk, uninsured, and shall be subordinatedto the claims of all nonmembers and participate in the assets of the creditunion after all creditors and holders of all other shares, and the NationalCredit Union Administration.
Membership of credit union, membership shares not to be pledged assecurity for loans.
370.080. 1. The membership shall consist of the organizers and suchpersons, societies, associations, copartnerships and corporations as havebeen duly elected to membership and have subscribed to one or more generalshares, or one membership share and/or membership fee when required, andhave paid for the same in the whole or in part, with the entrance fee asrequired by the bylaws, and have complied with such other requirements asthe certificate of organization may contain.
2. A credit union shall be composed of one or more groups of persons.The members of each such individual group must share:
(1) A common occupation, association, employer or;
(2) A geographic area which may include all those persons who resideor work in a city not within a county or a county, in which the main officeof the credit union is located as reported on the National Credit UnionAdministration (NCUA) 2006 year-end 5300 call report, and countiescontiguous to such areas as may be approved by the director. The directorshall not allow a geographic area credit union to expand beyond countiescontiguous to a city not within a county or a county in which its mainoffice is located. The director shall not allow a credit union to expandits geographic area due to a relocation of the credit union's main office.
3. No individual shall be eligible for membership in a credit unionon the basis of the relationship of such individual to another person whois eligible for membership in such credit union unless the individual is amember of the immediate family or household, as such terms are defined bythe commission, of such person. Except as provided in section 370.340,once a person becomes a member of a credit union in accordance with thischapter, such person or organization may remain a member of such creditunion until the person or organization chooses to withdraw from themembership of the credit union.
4. Each credit union may, at the option of the board, create one ormore classes of shares which shall be known as "membership share"representing the member's ownership interest in the credit union on suchterms and conditions as the board of directors may determine, notinconsistent with the bylaws, provided that each membership share shallhave a par value of not less than twenty-five nor more than one hundreddollars. A membership share shall not be pledged as security on any loan.
5. Notwithstanding any other provisions of this chapter to thecontrary, in the event of liquidation of the assets of the credit union,the membership share shall be at risk, uninsured, and shall be subordinatedto the claims of all nonmembers and participate in the assets of the creditunion after all creditors and holders of all other shares, and the NationalCredit Union Administration.
Membership of credit union, membership shares not to be pledged assecurity for loans.
370.080. 1. The membership shall consist of the organizers and suchpersons, societies, associations, copartnerships and corporations as havebeen duly elected to membership and have subscribed to one or more generalshares, or one membership share and/or membership fee when required, andhave paid for the same in the whole or in part, with the entrance fee asrequired by the bylaws, and have complied with such other requirements asthe certificate of organization may contain.
2. A credit union shall be composed of one or more groups of persons.The members of each such individual group must share:
(1) A common occupation, association, employer or;
(2) A geographic area which may include all those persons who resideor work in a city not within a county or a county, in which the main officeof the credit union is located as reported on the National Credit UnionAdministration (NCUA) 2006 year-end 5300 call report, and countiescontiguous to such areas as may be approved by the director. The directorshall not allow a geographic area credit union to expand beyond countiescontiguous to a city not within a county or a county in which its mainoffice is located. The director shall not allow a credit union to expandits geographic area due to a relocation of the credit union's main office.
3. No individual shall be eligible for membership in a credit unionon the basis of the relationship of such individual to another person whois eligible for membership in such credit union unless the individual is amember of the immediate family or household, as such terms are defined bythe commission, of such person. Except as provided in section 370.340,once a person becomes a member of a credit union in accordance with thischapter, such person or organization may remain a member of such creditunion until the person or organization chooses to withdraw from themembership of the credit union.
4. Each credit union may, at the option of the board, create one ormore classes of shares which shall be known as "membership share"representing the member's ownership interest in the credit union on suchterms and conditions as the board of directors may determine, notinconsistent with the bylaws, provided that each membership share shallhave a par value of not less than twenty-five nor more than one hundreddollars. A membership share shall not be pledged as security on any loan.
5. Notwithstanding any other provisions of this chapter to thecontrary, in the event of liquidation of the assets of the credit union,the membership share shall be at risk, uninsured, and shall be subordinatedto the claims of all nonmembers and participate in the assets of the creditunion after all creditors and holders of all other shares, and the NationalCredit Union Administration.
