                                 CODE OF VIRGINIA

MEMBERSHIP DEFINED; FIELD OF MEMBERSHIP (§ 6.2-1327)

A. The membership of a credit union shall consist of the incorporators,
employees of such credit union, and other persons within the field of membership
set forth in the bylaws as have: (i) been fully admitted into membership, (ii)
paid any required entrance fee or annual membership fee, or both, (iii)
subscribed for one or more shares, (iv) paid the initial installment thereon,
and (v) complied with such other requirements as the articles of incorporation
or bylaws specify.

B. Credit union membership shall be limited to persons within a specified field
of membership, individuals within the immediate family or household of such
persons, associations of such persons, other credit unions, and employees of the
credit union. The field of membership specified shall be composed of one of the
following:

   1. A single group having a common bond of occupation or association;

   2. More than one group, each of which has a common bond of occupation or
   association, and each of which does not exceed 3,000 members at the time it is
   proposed to be included in a multiple common-bond credit union. The
   3,000-member limitation shall not apply if the Commission determines that an
   exception on the grounds provided in subsection (d) (2) or (d) (3) of &#xA7;
   101 of the Credit Union Membership Access Act (12 U.S.C. &#xA7; 1759) is
   appropriate. In making any determination under this provision, the Commission
   shall give consideration to the National Credit Union Administration
   guidelines; or

   3. Those persons or organizations within a well-defined local community,
   neighborhood or rural district.
   				The Commission shall in its discretion determine whether a proposed field
   of membership constitutes a &#8220;well-defined local community, neighborhood
   or rural district.&#8221; In making such determination, the Commission shall
   give consideration to the definition of the term that has been adopted by the
   National Credit Union Administration and has become legally effective.

C. Except as the board of directors may provide to the contrary in the bylaws
with respect to termination of membership, once a person or entity becomes a
member of a credit union in accordance with this chapter, that person or entity
may remain a member of that credit union until the person or entity chooses to
withdraw from the credit union.

D. The board of directors may expel from the credit union any member who: (i)
has not carried out his obligations to the credit union; (ii) has been convicted
of a criminal offense; (iii) neglects or refuses to comply with the provisions
of this chapter or of the bylaws; (iv) neglects to pay his debts, or otherwise
causes financial loss to the credit union; or (v) has deceived the credit union
with regard to the use of borrowed money. No member shall be so expelled until
he has been informed in writing of the charges against him, and an opportunity
has been given to him, after reasonable notice, to be heard.

E. Members of the credit union shall not be personally liable for payment of the
debts of the credit union.

F. The surviving spouse of a deceased credit union member shall be eligible to
become a member of the credit union to which the deceased member belonged. In no
other instance shall an individual be eligible for membership in a credit union
on the basis of the individual&#8217;s relationship to another person who is
eligible for membership in the credit union, unless the individual is a member
of the immediate family or household of such person. The board of directors of a
credit union may provide in the bylaws for a less inclusive policy governing
membership by virtue of relationship to another person, and such policy shall be
effective.

G. Societies, associations, organizations, partnerships, and corporations
composed of persons who are eligible for membership may be admitted to
membership in the same manner and under the same conditions as such persons.

H. Any individual or entity that was a member of a credit union as of July 1,
1999, may remain a member of the credit union after that date, and any group
that was included in the field of membership of a credit union on that date may
remain within the field of membership of that credit union after that date. The
successor of an entity that was a member or was eligible for membership in a
credit union or for inclusion in a field of membership on July 1, 1999, retains
the status of its predecessor.

HISTORY: Code 1950, § 6-213; 1956, c. 90; 1966, c. 584, § 6.1-204; 1968, c.
560; 1990, c. 373, § 6.1-225.23; 1999, c. 63; 2010, c. 794.