§ 6-302
250 words·~1 min read·
/md/financial-institutions/6-302·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–302.
(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.
(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.
(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.
(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.
(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.