6-06-07. Membership in credit union

6-06-07. Membership in credit union

1. The membership of a credit union consists of the incorporators and such other

persons as may be elected to membership. Each member shall subscribe to and pay

the initial installment on at least one share in the credit union and pay the entrance fee

as provided by the bylaws of the credit union. Organizations, incorporated or

otherwise, composed principally of the same general group as the credit union

membership may be members of the credit union.

2. Credit union membership is limited to groups having a common bond of occupation or

association or to groups residing within a geographic area that does not extend

beyond a seventy-five-mile [120.70-kilometer] radius of the home office of the credit

union. Except as provided by this section, an office of a credit union that has a field of

membership defined by geography may not be located more than seventy-five miles

[120.70 kilometers] from the credit union main office. The restrictions on location and

field of membership under this section do not apply to a credit union office location or

field of membership approved by the board before January 1, 2005. In the event of a

merger between credit unions with different geographic fields of membership, the

surviving credit union may expand the field of membership to include the geographic

field of membership of the merged credit union. After December 31, 2004, a credit

union may not establish and operate a new branch office that is outside the credit

union's field of membership. A branch office may not expand the geographic field of

membership of a credit union.

3. The board shall adopt a procedure through which all interested persons, including

banking institutions and credit unions, are afforded reasonable opportunity to submit

data, views, or arguments, orally or in writing; to obtain a hearing; and to intervene as

a party to a proceeding concerning a proposed application for a credit union to expand

the credit union's field of membership.