Section 6-302 - Membership. - Maryland Statutes

§ 6-302. Membership.
 

(a)  Immediate family relative.- 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)  Credit union member.- 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)  Membership requirements.- 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)  Family eligibility.- 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)  Term of membership.- 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. 
 

[CA § 6-309; 1980, ch. 33, § 2; 1988, ch. 635; 1992, ch. 445; 1996, ch. 326, § 2; 2001, ch. 147, § 1; ch. 148, § 1.]