Eligibility for membership.
1. The membership of a particular credit union shall be limited to the subscribers to the articles of incorporation and such other persons who have:
(a) The common bond set forth in the bylaws;
(b) Paid the entrance fee provided in the bylaws;
(c) Subscribed for one or more shares and have paid the initial installment thereon; and
(d) Complied with other requirements specified in the articles of incorporation or bylaws.
2. The common bond required for membership in credit unions organized under the provisions of this chapter may include, but are not limited to persons who:
(a) Have a similar occupation, association or interest;
(b) Reside within an identifiable neighborhood, community or rural district; or
(c) Are employed by the same employer,
Ê and members of the immediate families of such persons.
3. Any member of a credit union who loses the bond that is characteristic of all other members may be permitted to retain his membership in the credit union at the discretion of the board of directors.
Last modified: February 26, 2006