Section 5-17-5 Membership. - Alabama Statutes

Section 5-17-5

Membership.

Credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well- defined neighborhood, community or rural district.

(Acts 1927, No. 597, p. 696; Code 1940, T. 28, § 286.)