Md. Code, Financial Institutions § 6-302
This is the official text of Md. Code, Financial Institutions § 6-302, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§6–302.
Official statutory text
(a) 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) 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.
(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) 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.
Status: in_force · Read it on the official government site
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