SECTIONS 15450-15451 - California Statutes

FINANCIAL CODE

SECTION 15450-15451

15450. Central credit unions may be organized and operated under
this division. Each such credit union shall use the word "central" in
its official name.

15451. (a) A central credit union may, with the approval of the
commissioner and under such regulations as he shall prescribe, admit
to membership groups of employees of a common employer, including the
employer, whose place of employment is located within 25 miles of
the principal office of the central credit union, or is located
within the boundaries of a greater or lesser geographic area
prescribed by the commissioner, upon application made by the employer
and approval of the board of directors of the central credit union.
(b) In the event the employee group qualifies under the provisions
of Section 14154, these employees may organize a separate credit
union. The central credit union may, upon a plan approved by the
commissioner, transfer the member accounts of these employees to any
credit union formed by them.