Section 6-302 - Membership.
§ 6-302. Membership.
(a) Immediate family relative.- 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.
(b) Credit union member.- 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.
(c) Membership requirements.- 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.
(d) Family eligibility.- 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.
(e) Term of membership.- 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.
[CA § 6-309; 1980, ch. 33, § 2; 1988, ch. 635; 1992, ch. 445; 1996, ch. 326, § 2; 2001, ch. 147, § 1; ch. 148, § 1.]