A. The membership of an association shall consist of:

Terms Used In Arizona Laws 6-414

  • Account: means withdrawable capital deposited with or invested in an association in accordance with any plan authorized by this chapter unless such term is otherwise designated or qualified. See Arizona Laws 6-401
  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Investment: means to put funds to use in order to secure profits. See Arizona Laws 6-401
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

1. Every holder of an account or one or more shares of guaranty capital issued by the association.

2. Every borrower from the association, as long as his loan remains unpaid and he remains liable to the association for the payment thereof, and every obligor of an investment made by the association. Each of such members shall be known as a borrowing member.

B. Each joint ownership and each joint obligation shall constitute one membership.

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