§ 54-109.26. "Membership" defined. - North Carolina Statutes

Article14D.

Membership.

§ 54‑109.26. "Membership" defined.

(a)        The membership of acredit union shall be limited to and consist of the subscribers to the articlesof incorporation and such other persons within the common bond set forth in thebylaws as have been duly admitted members, have paid any required entrance feeor membership fee, or both, have subscribed for one or more shares, and havepaid the initial installment thereon, and have complied with such otherrequirements as the articles of incorporation or bylaws specify.

(b)        Credit unionmembership may include groups having a common bond of similar occupation,association or interest, or groups who reside within an identifiableneighborhood, community, or rural district, or employees of a common employer,and members of the immediate family of such persons. (1915,c. 115, s. 6; C.S., s. 5230; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, s.18; 1975, c. 538, s. 1.)