533.202 Common bond — membership — ownership share.
164 words·~1 min read·
/ia/chapter-533-credit-unions/533-202·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. a. State credit union organization shall be available to groups of individuals who have a common bond of association such as, but not limited to, occupation, common employer, or residence within specified geographic boundaries.
b. Changes in the common bond may be made by the board of directors.
2. a. The membership of a state credit union consists of those persons in the common bond who have subscribed to one ownership share and have complied with the other requirements specified by the articles of incorporation and bylaws.
b. Organizations, incorporated or otherwise, may be members.
c. Unless the state credit union’s bylaws state otherwise, once a person or organization becomes a member of a state credit union in accordance with this chapter, the person or organization may remain a member of that state credit union, and retain all membership privileges, until the person or organization chooses to withdraw from the membership of the state credit union, or is expelled pursuant to section 533.210.