§ 451-A — Qualifications for membership

§ 451-a. Qualifications for membership. 1. Subject to approval of the\nsuperintendent, the membership of a credit union shall consist of\npersons within the credit union's field of membership who have been duly\nadmitted members.\n Subject to the approval of the superintendent, a credit union's field\nof membership may include one or more of the following categories:\n (a) Persons:\n (1) within the same occupation or from multiple groups each\nrepresenting a different occupation;\n (2) within the same association or from multiple groups each\nrepresenting a different association;\n (3) who reside, work, worship or attend school within a well-defined\nidentifiable neighborhood, community or rural district and who, in the\njudgment of the superintendent, have such a community of interest as\nwill ensure proper administration. For purposes of this section a\n"well-defined identifiable neighborhood, community or rural district"\nmay consist of one or more adjacent precincts, districts, cities or\ncounties; or\n (4) within a combination of these three categories described in this\nsubdivision; or\n (b) Organizations located within a well-defined identifiable\nneighborhood, community or rural district, as determined in accordance\nwith subparagraph three of paragraph (a) of this subdivision and which,\nin the judgment of the superintendent, have such a community of interest\nas will ensure proper administration; or\n (c) Family members of such persons described in paragraph (a) of this\nsubdivision. For the purposes of this paragraph, "family member" means a\nperson related by blood, marriage or living in the same household with a\nperson within the field of membership and their lineal ancestors and\ndescendants including persons so related by adoption, siblings,\nstepparents, stepchildren and stepsiblings; and "household" means\npersons living in the same residence and maintaining a single economic\nunit; or\n (d) Any employee of the credit union; or\n (e) Any member who leaves the field of membership and who has not\nwithdrawn or been expelled may retain membership; or\n (f) Any incorporated or unincorporated organization composed\nprincipally of persons eligible to membership in the credit union and\nthat organization's employees.\n 2. Any person who is eligible for membership by reason of the fact\nthat he or she is an employee of a common employer or of a credit union\nshall not become ineligible, after the termination of such employment,\nas long as he or she receives a pension or annuity from, or under, a\nplan or other arrangement established by such common employer or credit\nunion.\n 3. Subject to approval of the superintendent, a credit union may\nextend membership to persons and organizations in an underserved local\ncommunity, neighborhood or rural district where such area is considered\nan "investment area" as defined in the federal Community Development\nBanking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)).\n 4. In considering an application pursuant to subdivision one of this\nsection, the superintendent shall consider the credit union's record and\nhistory of serving underserved areas, as well as low and moderate-income\nindividuals within the communities it currently services, if any, and\nits commitments to serve underserved areas, as well as low and\nmoderate-income individuals in the communities to be served.\nFurthermore, in considering such application, the superintendent may\nimpose such limitation, such as geographical limitations, as the\nsuperintendent determines to be appropriate in his or her sole\ndiscretion.\n