§ 450-B. Designation of student branches.
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§ 450-b. Designation of student branches. 1. As used in this section
the following terms shall have the following meanings:
(a)"school" shall mean any public or private elementary or secondary
school;
(b)"student" shall mean a child enrolled in a school;
(c)"student branch" shall mean the designation provided to the credit
union pertaining to the in-school services and financial education
offered to students. A student branch shall not be deemed to be a
station and shall not be subject to any of the provisions of this
article applicable to stations; provided, however, that a credit union
shall provide written notice to the superintendent of the establishment
of any such student branch.
2. A credit union organized under this article may upon agreement with
a school's governing body open and maintain a student branch.
3. Notwithstanding any other provision of this article any student
enrolled in the school maintaining a student branch who is not otherwise
qualified for membership in the credit union is hereby qualified for a
student membership. Said student membership shall expire thirty days
after the student's graduation from secondary school, transfer to
another school or termination of enrollment. The student branch shall be
for the express use of the students and may not be used by faculty,
staff or lineal ancestors or descendants of students. Neither faculty,
staff nor lineal ancestors or descendants of student members are
eligible for membership in the credit union unless otherwise qualified
under this article.
4. The superintendent may promulgate regulations appropriate to the
formation and operation of student branches.