§ 11-30-103 — Membership

Colorado § 11-30-103

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Credit Unions - General Provisions

Text

(1) Credit union membership shall consist of the
incorporators and any other persons and organizations which are elected to
membership and which pay any entrance fee. Organizations, incorporated or
otherwise, composed for the most part of the same general group as the credit
union membership may be members. A central credit union may be organized under
this article and may have a membership made up principally of other credit unions
organized pursuant to this article or any credit unions authorized to operate within
the state of Colorado, and such membership may also include the officers and
committee members of such credit unions, members or persons within the field of
membership of credit unions within the state which have entered into or are about
to enter into voluntary or involuntary liquidation proceedings, and small groups
which the commissioner determines lack the potential membership to organize their
own credit union if such groups have a common bond of employment or association.

(2) Credit union organization and membership, other than those of a central
credit union, shall be limited to groups having a common bond of employment or
association or groups which reside within a well-defined neighborhood, community,
or rural district having a population of no more than twenty-five thousand or as
otherwise authorized by the board. Small groups which the commissioner
determines to lack the potential membership to organize their own credit union may
be eligible for membership in an existing credit union if such small groups have a
common bond of employment or association. A member of the immediate family of
any person who, under the provisions of this article, is eligible for membership in a
credit union may also be admitted to membership therein. Immediate family
means persons related by blood, by marriage, or by adoption.

(3) A member who leaves the field of membership of the credit union may
retain membership in the credit union as provided by the bylaws of the credit union.

(4) Except as to accounts, which are defined in and which shall be paid as
provided for in article 15 of title 15, C.R.S., nothing in this article shall be construed
to prohibit credit unions organized under this article from carrying membership
accounts in the names of two or more persons in joint tenancy; and, if any credit
union transacting business in this state issues shares and deposits in the names of
two or more persons payable to them or to any of them, such shares and deposits,
or any part thereof or any interest or dividend thereon, may be paid to any one of
said persons whether the others are living or not, and the receipt or acquittance of
the person so paid shall be a valid and sufficient discharge to the credit union from
all of said persons and their heirs, executors, administrators, and assigns, and such
shares and deposits shall be deemed to be owned by said persons in joint tenancy
with the right of survivorship.

Legislative History

Source: L. 31: p. 298, � 5. CSA: C. 47, � 5. L. 41: p. 372, � 5. L. 45: p. 307, � 1. CRS 53: � 38-1-5. C.R.S. 1963: � 38-1-5. L. 67: p. 317, � 4. L. 73: p. 1646, � 4. L. 75: (3) R&RE, p. 393, � 1, effective July 1; (4) amended, p. 586, � 2, effective July 1. L. 77: (1) and (2) amended, p. 565, � 1, effective July 1. L. 83: (1) amended, p. 483, � 2, effective July 1. L. 84: (2) amended, p. 372, � 2, effective July 1. L. 90: (2) amended, p. 1837, � 7, effective May 31; (4) amended, p. 920, � 3, effective July 1. L. 93: (2) amended, p. 1444, � 3, effective June 6. L. 2002: (4) amended, p. 1359, � 6, effective July 1.