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Membership - 17 Pa. Cons. Stat. § 701

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                                CHAPTER 7
                     MEMBERS, DIRECTORS AND OFFICERS

     Sec.
     701.  Membership.
     702.  Meetings.
     703.  Voting rights and procedures.
     704.  Notice to members.
     705.  Expulsion and withdrawal.
     706.  Election of directors and credit and supervisory
            committee members.
     707.  Duties of directors generally.
     708.  Officers.
     709.  Compensation of directors and officers.
     710.  Executive committee.
     711.  Procedures for approving service by certain persons.
     712.  Indemnification and exoneration from liability of
            directors and officers.
     713.  Loan procedures.
     714.  Annual audit.
     715.  Actions by members to enforce a secondary right.

        Enactment.  Chapter 7 was added December 19, 1990, P.L.834,
     No.198, effective in two months.
     § 701.  Membership.
        (a)  General rule.--Credit union organizations shall be
     limited to groups having a potential membership of 500 or more
     adult persons and having a common bond of association within a
     well-defined community or rural district by reason of occupation
     or of membership in a religious congregation or fraternal or
     labor organization or residence within a well-defined community
     or rural district. A credit union may also retain its original
     field of membership and, additionally, include in its field of
     membership other occupational groups, as well as like
     associational groups having a common bond with the original
     field of membership, with insufficient number of members to form
     or conduct the affairs of a separate credit union, if the
     existing credit union obtains prior permission from the
     department. The membership of a credit union shall be limited to
     and consist of the incorporators of the credit union and such
     other persons, having the common bond of association, set forth
     in the articles of incorporation, as have been duly admitted
     members, have paid the entrance fee as provided in the bylaws
     and own and retain one or more shares. Organizations composed
     principally of the same group as the credit union membership may
     be members. Employes of credit unions may be members of such
     credit unions.
        (b)  Family members.--Persons who are members of the
     immediate family of a member of the credit union may be elected
     to membership.
        (c)  Trust and joint tenancy deposits.--Shares may be issued
     in trust for or in joint tenancy with the right of survivorship
     with any person designated by the credit union member, but no
     joint tenant or beneficiary of a trust shall be permitted to
     vote, obtain a loan or hold office unless he is within the field
     of membership and is a qualified member in his own right.
        (d)  Continuation of membership.--Any member who leaves or
     has left the field of membership and has not withdrawn all of
     his share account shall not cease to be a member of the credit
     union by reason thereof, and he shall have all of the rights and
     obligations of membership, including, but not limited to, the
     right to retain and to add to his share account and the right to
     vote. Upon leaving the field of membership, the provisions of
     this subsection shall apply to persons who have become members
     of the credit union solely by reason of the provisions of
     subsection (b), but the provisions of subsection (c) shall not
     be affected by this subsection.
        (e)  Spouse of deceased member.--The unremarried widow or
     widower of a deceased member may become a member of the credit
     union.
        (f)  Effect of certain association formations.--Any
     association formed primarily to obtain a State credit union
     charter shall not be considered by the department to have a
     sufficient common bond.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (a) and added
     subsec. (f).
        Cross References.  Section 701 is referred to in sections
     302, 304 of this title.

Last modified: November 27, 2007