A. The membership of a credit union shall consist of the incorporators, employees of such credit union, and other persons within the field of membership set forth in the bylaws as have: (i) been fully admitted into membership, (ii) paid any required entrance fee or annual membership fee, or both, (iii) subscribed for one or more shares, (iv) paid the initial installment thereon, and (v) complied with such other requirements as the articles of incorporation or bylaws specify.
B. Credit union membership shall be limited to persons within a specified field of membership, individuals within the immediate family or household of such persons, associations of such persons, other credit unions, and employees of the credit union. The field of membership specified shall be composed of one of the following:
1. A single group having a common bond of occupation or association;
2. More than one group, each of which has a common bond of occupation or association, and each of which does not exceed 3,000 members at the time it is proposed to be included in a multiple common-bond credit union. The 3,000-member limitation shall not apply if the Commission determines that an exception on the grounds provided in subsection (d) (2) or (d) (3) of § 101 of the Credit Union Membership Access Act (12 U.S.C. § 1759) is appropriate. In making any determination under this provision, the Commission shall give consideration to the National Credit Union Administration guidelines; or
3. Those persons or organizations within a well-defined local community, neighborhood or rural district.
The Commission shall in its discretion determine whether a proposed field of membership constitutes a "well-defined local community, neighborhood or rural district." In making such determination, the Commission shall give consideration to the definition of the term that has been adopted by the National Credit Union Administration and has become legally effective.
C. Except as the board of directors may provide to the contrary in the bylaws with respect to termination of membership, once a person or entity becomes a member of a credit union in accordance with this chapter, that person or entity may remain a member of that credit union until the person or entity chooses to withdraw from the credit union.
D. The board of directors may expel from the credit union any member who: (i) has not carried out his obligations to the credit union; (ii) has been convicted of a criminal offense; (iii) neglects or refuses to comply with the provisions of this chapter or of the bylaws; (iv) neglects to pay his debts, or otherwise causes financial loss to the credit union; or (v) has deceived the credit union with regard to the use of borrowed money. No member shall be so expelled until he has been informed in writing of the charges against him, and an opportunity has been given to him, after reasonable notice, to be heard.
E. Members of the credit union shall not be personally liable for payment of the debts of the credit union.
F. The surviving spouse of a deceased credit union member shall be eligible to become a member of the credit union to which the deceased member belonged. In no other instance shall an individual be eligible for membership in a credit union on the basis of the individual's relationship to another person who is eligible for membership in the credit union, unless the individual is a member of the immediate family or household of such person. The board of directors of a credit union may provide in the bylaws for a less inclusive policy governing membership by virtue of relationship to another person, and such policy shall be effective.
G. Societies, associations, organizations, partnerships, and corporations composed of persons who are eligible for membership may be admitted to membership in the same manner and under the same conditions as such persons.
H. Any individual or entity that was a member of a credit union as of July 1, 1999, may remain a member of the credit union after that date, and any group that was included in the field of membership of a credit union on that date may remain within the field of membership of that credit union after that date. The successor of an entity that was a member or was eligible for membership in a credit union or for inclusion in a field of membership on July 1, 1999, retains the status of its predecessor.
Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c. 560; 1990, c. 373, § 6.1-225.23; 1999, c. 63; 2010, c. 794.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
§ 6.2-1301. Effect of ownership of a share account
§ 6.2-1304. Franchise tax exemption
§ 6.2-1305. Making or circulating derogatory statements affecting credit unions; penalty
§ 6.2-1306. Unlawful use of words "credit union."
§ 6.2-1307. Use of credit union name, logo, or symbol for marketing purposes; penalty
§ 6.2-1308. Supervision and regulation by Commission
§ 6.2-1310. Fees for examination, supervision, and regulation
§ 6.2-1311. Reports to Commission; penalty for failure to make reports
§ 6.2-1312. Cease and desist orders; right to hearing
§ 6.2-1314. Penalties for violation of orders of Commission
§ 6.2-1315. Removal of director or officer; penalty for acting after removal
§ 6.2-1319. Involuntary dissolution
§ 6.2-1321. Certificate of authority
§ 6.2-1322. Contents of bylaws; amendments to bylaws generally
§ 6.2-1323. Amendments to articles of incorporation and bylaws
§ 6.2-1324. Bylaws amended by Commission
§ 6.2-1326. Establishing, moving, and closing offices
§ 6.2-1327. Membership defined; field of membership
§ 6.2-1328. Expansion of field of membership
§ 6.2-1329. Membership meetings; voting
§ 6.2-1332. Insurance of shares
§ 6.2-1333. Establishment of corporation; purposes
§ 6.2-1334. Contents of corporation bylaws; amendments thereto
§ 6.2-1335. Application for membership; share insurance required
§ 6.2-1336. Loss reserve contributions
§ 6.2-1337. Annual and special assessments
§ 6.2-1338. Duties and additional powers of corporation
§ 6.2-1339. Duties and powers of Commission; judicial review
§ 6.2-1340. Supervision, reports and examinations by Commission
§ 6.2-1341. Audit by corporation and corrective measures; appeal
§ 6.2-1343. Inconsistent laws inapplicable
§ 6.2-1345. Voluntary dissolution
§ 6.2-1346. Conversion of federal credit union to state credit union
§ 6.2-1347. Conversion of state credit union to federal credit union
§ 6.2-1347.1. Conversion to a state mutual savings institution
§ 6.2-1349. Board of directors; election of officers
§ 6.2-1350. Executive committee
§ 6.2-1351. Meetings of directors
§ 6.2-1352. Compensation of officials
§ 6.2-1353. Powers and duties of directors
§ 6.2-1354. Credit committee or loan officers; appeal
§ 6.2-1355. Supervisory committee; suspension and removal of officials
§ 6.2-1357. Qualifications of officials
§ 6.2-1359. Payment for shares; transfers; lien on shares
§ 6.2-1361. Ascertaining value of assets
§ 6.2-1363. Individual retirement accounts and retirement or pension plans
§ 6.2-1364. Acceptance of money under Virginia Uniform Transfers to Minors Act
§ 6.2-1365. Accounts of deceased or incapacitated person
§ 6.2-1367. Application of provisions to federal credit unions
§ 6.2-1368. Accounts of fiduciaries
§ 6.2-1370. Purpose and condition of loans
§ 6.2-1373. Loans to members of credit committee; nonmember loans
§ 6.2-1376. Authorized investments
§ 6.2-1377. Maintenance of regular reserves; special reserves
§ 6.2-1379. Out-of-state credit unions
§ 6.2-1380. Examinations; periodic reports; cooperative agreements; assessment of fees