Senate Bill No. 514
(By Senator Jenkins)
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[Introduced February 7, 2006; referred to the Committee
on Banking and Insurance.]
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A BILL to amend and reenact §31C-4-1 of the Code of West Virginia,
1931, as amended, relating to credit unions generally; and
including persons with common bonds or persons who reside in
well-defined communities as eligible for membership in a
credit union.
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 the following:
(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 is 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 include persons with
common bonds or persons who reside in well-defined communities as
eligible for membership in a credit union.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.