(1) Memberships may be granted by the articles of incorporation or bylaws of an association to borrowers or account holders of the association, with such rights and liabilities as are allowed by the articles or bylaws. Unless otherwise provided in the articles or bylaws, a member may vote in person or by proxy on any matter subject to a vote, at any regular or special meeting of the members. However, the members of a mutual association shall include its account holders and members of a stock association shall include its stockholders. The articles of incorporation may limit or deny voting rights of any class of members to the extent not inconsistent with this chapter.
(2) Membership of an account holder in a mutual or stock association continues until the savings account is transferred on the books of the association or the account is withdrawn. When a savings account is issued by an association in the name of two or more persons, a proxy is valid if executed by any one or more of such persons.
(3) Each association shall maintain records of the members of the association showing the name and address of each member and the status of each member as a stockholder, account holder or borrower. [1975 c.582 §63; 1981 c.472 §7]
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