NRS 672.510 Eligibility for membership.

260 words·~1 min read·/nv/chapter-672-credit-unions/672-510·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The membership of a particular credit union shall be limited to the subscribers to the articles of incorporation and such other persons who have:

(a)The common bond set forth in the bylaws;

(b)Except as otherwise provided in subsection 2, paid an entrance fee, if an entrance fee is provided for in the bylaws;

(c)Except as otherwise provided in subsection 2, subscribed for one or more shares and have paid the initial installment thereon; and

(d)Complied with other requirements specified in the articles of incorporation or bylaws.

2. A credit union may, in connection with a promotion that is equally available to any prospective member, pay either or both of the following for any prospective member who otherwise qualifies for membership:

(a)Any entrance fee required by paragraph

(b)of subsection 1; or

(b)The cost of the shares or the initial installment required by paragraph

(c)of subsection 1.

3. The common bond required for membership in credit unions organized under the provisions of this chapter may include, but are not limited to persons who:

(a)Have a similar occupation, association or interest;

(b)Reside within a well-defined neighborhood, community or rural district; or

(c)Are employed by the same employer,

Ê and members of the immediate families of such persons.

4. Any member of a credit union who loses the bond that is characteristic of all other members may be permitted to retain his or her membership in the credit union at the discretion of the board of directors.