Senate Bill No. 568
(By Senator Jenkins)
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[Introduced March 17, 2005; referred to the Committee
on the Judiciary.]
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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, and members of the
immediate family of such persons.
(1) Persons within one or more groups having a common bond or
bonds of similar occupation, employer, association or interest; or
(2) Persons who reside or work in a well defined community,
neighborhood or rural district. The Division of Banking shall in
its discretion determine whether a proposed field of membership
constitutes a "well defined local community, neighborhood or rural
district." In making this determination, the Division shall give
consideration to the definition of the term that has been adopted
by the National Credit Union Administration and has become legally
effective; and
(3) Members of the immediate family of persons who qualify for
credit union membership.
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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