A. The membership of a credit union shall consist of the incorporators,employees of such credit union, and other persons within the field ofmembership set forth in the bylaws as have: (i) been fully admitted intomembership, (ii) paid any required entrance fee or annual membership fee, orboth, (iii) subscribed for one or more shares, (iv) paid the initialinstallment thereon, and (v) complied with such other requirements as thearticles of incorporation or bylaws specify.
B. Credit union membership shall be limited to persons within a specifiedfield of membership, individuals within the immediate family or household ofsuch persons, associations of such persons, other credit unions and employeesof the credit union. The field of membership specified shall be composed ofone of the following:
1. A single group having a common bond of occupation or association.
2. More than one group, each of which has a common bond of occupation orassociation, and each of which does not exceed 3,000 members at the time itis proposed to be included in a multiple common-bond credit union. However,the 3,000-member limitation shall not apply if the Commission determines thatan exception on the grounds provided in subsection (d) (2) or (d) (3) of §101 of the Credit Union Membership Access Act (12 U.S.C. § 1759) isappropriate. In making any determination under this provision, the Commissionshall give consideration to the National Credit Union Administrationguidelines.
3. Those persons or organizations within a well-defined local community,neighborhood or rural district.
The Commission shall in its discretion determine whether such a proposedfield of membership constitutes a "well-defined local community,neighborhood or rural district." However, the Commission shall giveconsideration to the definition of the term that has been adopted by theNational Credit Union Administration and become legally effective.
C. Except as the board of directors may provide to the contrary in the bylawswith respect to termination of membership, once a person or entity becomes amember of a credit union in accordance with this chapter, that person orentity may remain a member of that credit union until the person or entitychooses to withdraw from the credit union.
D. The board of directors may expel from the credit union any member who: (i)has not carried out his obligations to the credit union; (ii) has beenconvicted of a criminal offense; (iii) neglects or refuses to comply with theprovisions of this chapter or of the bylaws; (iv) neglects to pay his debts,or otherwise causes financial loss to the credit union; or (v) has deceivedthe credit union with regard to the use of borrowed money. However, no membershall be so expelled until he has been informed in writing of the chargesagainst him, and an opportunity has been given to him, after reasonablenotice, to be heard.
E. Members of the credit union shall not be personally liable for payment ofthe debts of the credit union.
F. The surviving spouse of a deceased credit union member shall be eligibleto become a member of the credit union to which the deceased member belonged;otherwise, no individual shall be eligible for membership in a credit unionon the basis of their relationship to another person who is eligible formembership in the credit union, unless the individual is a member of theimmediate family or household of such person. However, the board of directorsof a credit union may provide in the bylaws for a less inclusive policygoverning membership by virtue of relationship to another person, and suchpolicy shall be effective.
G. Societies, associations, organizations, partnerships, and corporationscomposed of persons who are eligible for membership may be admitted tomembership in the same manner and under the same conditions as such persons.
H. Any person or entity that was a member of a credit union as of July 1,1999, may remain a member of the credit union after that date, and any groupthat was included in the field of membership of a credit union on that datemay remain within the field of membership of that credit union after thatdate. The successor of an entity that was a member or was eligible formembership in a credit union or for inclusion in a field of membership onJuly 1, 1999, retains the status of its predecessor.
(Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c. 560;1990, c. 373; 1999, c. 63.)
A. The membership of a credit union shall consist of the incorporators,employees of such credit union, and other persons within the field ofmembership set forth in the bylaws as have: (i) been fully admitted intomembership, (ii) paid any required entrance fee or annual membership fee, orboth, (iii) subscribed for one or more shares, (iv) paid the initialinstallment thereon, and (v) complied with such other requirements as thearticles of incorporation or bylaws specify.
B. Credit union membership shall be limited to persons within a specifiedfield of membership, individuals within the immediate family or household ofsuch persons, associations of such persons, other credit unions and employeesof the credit union. The field of membership specified shall be composed ofone of the following:
1. A single group having a common bond of occupation or association.
2. More than one group, each of which has a common bond of occupation orassociation, and each of which does not exceed 3,000 members at the time itis proposed to be included in a multiple common-bond credit union. However,the 3,000-member limitation shall not apply if the Commission determines thatan exception on the grounds provided in subsection (d) (2) or (d) (3) of §101 of the Credit Union Membership Access Act (12 U.S.C. § 1759) isappropriate. In making any determination under this provision, the Commissionshall give consideration to the National Credit Union Administrationguidelines.
3. Those persons or organizations within a well-defined local community,neighborhood or rural district.
The Commission shall in its discretion determine whether such a proposedfield of membership constitutes a "well-defined local community,neighborhood or rural district." However, the Commission shall giveconsideration to the definition of the term that has been adopted by theNational Credit Union Administration and become legally effective.
C. Except as the board of directors may provide to the contrary in the bylawswith respect to termination of membership, once a person or entity becomes amember of a credit union in accordance with this chapter, that person orentity may remain a member of that credit union until the person or entitychooses to withdraw from the credit union.
D. The board of directors may expel from the credit union any member who: (i)has not carried out his obligations to the credit union; (ii) has beenconvicted of a criminal offense; (iii) neglects or refuses to comply with theprovisions of this chapter or of the bylaws; (iv) neglects to pay his debts,or otherwise causes financial loss to the credit union; or (v) has deceivedthe credit union with regard to the use of borrowed money. However, no membershall be so expelled until he has been informed in writing of the chargesagainst him, and an opportunity has been given to him, after reasonablenotice, to be heard.
E. Members of the credit union shall not be personally liable for payment ofthe debts of the credit union.
F. The surviving spouse of a deceased credit union member shall be eligibleto become a member of the credit union to which the deceased member belonged;otherwise, no individual shall be eligible for membership in a credit unionon the basis of their relationship to another person who is eligible formembership in the credit union, unless the individual is a member of theimmediate family or household of such person. However, the board of directorsof a credit union may provide in the bylaws for a less inclusive policygoverning membership by virtue of relationship to another person, and suchpolicy shall be effective.
G. Societies, associations, organizations, partnerships, and corporationscomposed of persons who are eligible for membership may be admitted tomembership in the same manner and under the same conditions as such persons.
H. Any person or entity that was a member of a credit union as of July 1,1999, may remain a member of the credit union after that date, and any groupthat was included in the field of membership of a credit union on that datemay remain within the field of membership of that credit union after thatdate. The successor of an entity that was a member or was eligible formembership in a credit union or for inclusion in a field of membership onJuly 1, 1999, retains the status of its predecessor.
(Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c. 560;1990, c. 373; 1999, c. 63.)
A. The membership of a credit union shall consist of the incorporators,employees of such credit union, and other persons within the field ofmembership set forth in the bylaws as have: (i) been fully admitted intomembership, (ii) paid any required entrance fee or annual membership fee, orboth, (iii) subscribed for one or more shares, (iv) paid the initialinstallment thereon, and (v) complied with such other requirements as thearticles of incorporation or bylaws specify.
B. Credit union membership shall be limited to persons within a specifiedfield of membership, individuals within the immediate family or household ofsuch persons, associations of such persons, other credit unions and employeesof the credit union. The field of membership specified shall be composed ofone of the following:
1. A single group having a common bond of occupation or association.
2. More than one group, each of which has a common bond of occupation orassociation, and each of which does not exceed 3,000 members at the time itis proposed to be included in a multiple common-bond credit union. However,the 3,000-member limitation shall not apply if the Commission determines thatan exception on the grounds provided in subsection (d) (2) or (d) (3) of §101 of the Credit Union Membership Access Act (12 U.S.C. § 1759) isappropriate. In making any determination under this provision, the Commissionshall give consideration to the National Credit Union Administrationguidelines.
3. Those persons or organizations within a well-defined local community,neighborhood or rural district.
The Commission shall in its discretion determine whether such a proposedfield of membership constitutes a "well-defined local community,neighborhood or rural district." However, the Commission shall giveconsideration to the definition of the term that has been adopted by theNational Credit Union Administration and become legally effective.
C. Except as the board of directors may provide to the contrary in the bylawswith respect to termination of membership, once a person or entity becomes amember of a credit union in accordance with this chapter, that person orentity may remain a member of that credit union until the person or entitychooses to withdraw from the credit union.
D. The board of directors may expel from the credit union any member who: (i)has not carried out his obligations to the credit union; (ii) has beenconvicted of a criminal offense; (iii) neglects or refuses to comply with theprovisions of this chapter or of the bylaws; (iv) neglects to pay his debts,or otherwise causes financial loss to the credit union; or (v) has deceivedthe credit union with regard to the use of borrowed money. However, no membershall be so expelled until he has been informed in writing of the chargesagainst him, and an opportunity has been given to him, after reasonablenotice, to be heard.
E. Members of the credit union shall not be personally liable for payment ofthe debts of the credit union.
F. The surviving spouse of a deceased credit union member shall be eligibleto become a member of the credit union to which the deceased member belonged;otherwise, no individual shall be eligible for membership in a credit unionon the basis of their relationship to another person who is eligible formembership in the credit union, unless the individual is a member of theimmediate family or household of such person. However, the board of directorsof a credit union may provide in the bylaws for a less inclusive policygoverning membership by virtue of relationship to another person, and suchpolicy shall be effective.
G. Societies, associations, organizations, partnerships, and corporationscomposed of persons who are eligible for membership may be admitted tomembership in the same manner and under the same conditions as such persons.
H. Any person or entity that was a member of a credit union as of July 1,1999, may remain a member of the credit union after that date, and any groupthat was included in the field of membership of a credit union on that datemay remain within the field of membership of that credit union after thatdate. The successor of an entity that was a member or was eligible formembership in a credit union or for inclusion in a field of membership onJuly 1, 1999, retains the status of its predecessor.
(Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c. 560;1990, c. 373; 1999, c. 63.)
