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§ 6-302. Credit union members

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 6. Credit Unions (Refs & Annos)
Subtitle 3. Formation, Organization, and Powers (Refs & Annos)
Part I. Formation
MD Code, Financial Institutions, § 6-302
§ 6-302. Credit union members
Currentness
Immediate family relative defined
(a) In this section, “immediate family relative” means:
(1) A spouse;
(2) A child;
(3) A sibling;
(4) A parent;
(5) A grandparent;
(6) A grandchild;
(7) A stepparent;
(8) A stepchild;
(9) A step-sibling; or
(10) Any adopted relative.
Credit union members
(b) A member of a credit union may be:
(1) An individual who shares with other members of the credit union one of the common bonds within the field of membership types approved by the Commissioner;
(2) An employee of the credit union;
(3) An entity that is composed primarily of individuals who are eligible for membership;
(4) An individual living in the same residence and maintaining a single economic unit with an individual who is eligible for membership; and
(5) An immediate family relative of an individual who is eligible for membership.
Eligibility for membership
(c) A person that is eligible for membership under subsection (b) of this section becomes a member when the person:
(1) Subscribes to and pays for at least one share; and
(2) Meets all of the other requirements of the bylaws of the credit union.
Eligibility of immediate family relatives
(d) Once an individual who is eligible for membership under subsection (b)(4) or (5) of this section becomes a member, then an immediate family relative of the member is eligible to become a member.
Withdrawal of membership or expulsion by board
(e) A member remains a member of a credit union until the member:
(1) Chooses to withdraw from the membership of the credit union; or
(2) Is expelled by the board under § 6-319 of this subtitle.

Credits

Added as Financial Institutions § 6-210 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1988, c. 635, § 1, eff. June 1, 1988; Acts 1992, c. 445; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-302 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
MD Code, Financial Institutions, § 6-302, MD FIN INST § 6-302
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document