§ 6-302. Membership

   (a) "Immediate family relative" defined. -- 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.

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