H. B. 2793
(By Delegates R. M. Thompson and Perry)
[Introduced
March 1, 2005
; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact §31C-4-1 of the Code of West Virginia,
1931, as amended, relating to adding certain stated
geographical areas as one of the several groups to which
members must belong.
Be it enacted by the Legislature of West Virginia:
That §31C-4-1 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 4. MEMBERSHIP.
§31C-4-1. Membership defined.
(a) The membership of a credit union shall consist of those
persons who share a common bond set forth in the bylaws, have been
duly admitted members, have paid any required one-time or periodic
membership fee, or both, have subscribed to one or more shares and
have complied with such other requirements as the articles of incorporation and bylaws specify.
(b) Credit union membership shall be limited to, persons
within one or more groups having a common bond or bonds of similar
occupation, employer, association or interest, or to those who
reside or work in a well-defined community, neighborhood or rural
district (using criteria established by the National Credit Union
Administration), and members of the immediate family of such
persons.
NOTE: The purpose of this bill is to increase the number of
persons to whom credit union services would be extended.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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