A. The membership of a credit union consists of the incorporators and other persons who are within the field of membership as prescribed in the bylaws, who have been duly accepted as members, who have paid any required one-time or periodic membership fee, or both, in accordance with any requirements in the bylaws, and who have complied with the other requirements the certificate of organization and bylaws provide.

Terms Used In Arizona Laws 6-521

  • Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
  • Membership share: means a balance held by a credit union and established by a member according to the standards prescribed by the credit union. See Arizona Laws 6-501
  • Organization: means any corporation, association, partnership, society, firm, syndicate, trust or other legal entity. See Arizona Laws 6-501

B. Each member may own only one membership share.

  Previous section
Next section  
 Article 4 Contents