Iowa Code 533.202 – Common bond — membership — ownership share
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1. a. State credit union organization shall be available to groups of individuals who have a common bond of association such as, but not limited to, occupation, common employer, or residence within specified geographic boundaries.
b. Changes in the common bond may be made by the board of directors.
Terms Used In Iowa Code 533.202
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Common bond: means the shared characteristic of members of a credit union. See Iowa Code 533.102
- credit union: is a lso a "supervised financial organization" as that term is defined and used in chapter 537, the Iowa consumer credit code. See Iowa Code 533.102
- Ownership share: means a share of a credit union acquired by a member at the time membership is initiated. See Iowa Code 533.102
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- State credit union: means a credit union organized pursuant to section 533. See Iowa Code 533.102
2. a. The membership of a state credit union consists of those persons in the common bond who have subscribed to one ownership share and have complied with the other requirements specified by the articles of incorporation and bylaws.
b. Organizations, incorporated or otherwise, may be members.
c. Unless the state credit union’s bylaws state otherwise, once a person or organization becomes a member of a state credit union in accordance with this chapter, the person or organization may remain a member of that state credit union, and retain all membership privileges, until the person or organization chooses to withdraw from the membership of the state credit union, or is expelled pursuant to section 533.210.