Florida Statutes 657.023 – Membership
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Terms Used In Florida Statutes 657.023
- Credit union: means any cooperative society organized pursuant to this chapter. See Florida Statutes 657.002
- Limited field of membership: means the defined group of persons designated as eligible for membership in the credit union who:(a) Have a similar profession, occupation, or formal association with an identifiable purpose;(b) Live or work within an identifiable neighborhood, community, rural district, or county;(c) Are employed by a common employer; or(d) Are employed by the credit union; and
members of the immediate family of persons within such group. See Florida Statutes 657.002
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
- Shares: means the money placed into the credit union by members on which dividends may be paid. See Florida Statutes 657.002
(1) Upon payment of any required entrance or membership fee, payment of shares as required by the bylaws, and compliance with the bylaws, any person within the limited field of membership of a credit union may be admitted to its membership.
(2) Members of the credit union shall not be personally or individually liable for payment of the debts of the credit union.
(3) A credit union may close the account and terminate the membership of any member whose actions have resulted in any financial loss to the credit union or for good cause.
(4) Denial of membership hereunder shall not be considered to be a denial of credit.