Current with changes from the 2024 Legislative Session
Section 6-302 - Membership(a) In this section, "immediate family relative" means:(10) Any adopted relative.(b) 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) 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) 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) 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.