31.12.382 - Limitation on membership. - Washington Statutes

Limitation on membership.

(1) Membership in a credit union shall be limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. The director may adopt rules: (a) Reasonably defining "common bond"; and (b) setting forth standards for the approval of charters.

     (2) The director may approve the inclusion within the field of membership of a credit union a group having a separate common bond if the director determines that the group is not of sufficient size or resources to support a viable credit union of its own.

[1994 c 92 § 178; 1984 c 31 § 6. Formerly RCW 31.12.045.]