(a) The membership shall consist of incorporators and persons, societies, associations, copartnerships and corporations that have been duly elected to membership and have subscribed to one (1) or more shares and have paid for the same in whole or in part, with the entrance fee as required by the bylaws, and have complied with other requirements that the certificate of organization may contain; except that a credit union shall be limited to groups having a common bond of occupation or association or to groups within a well-defined neighborhood, community, or rural district.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 45-4-301

  • Community: means a city, town, or incorporated village in this state, or where not within any of the foregoing, a trade area in this state. See Tennessee Code 45-1-103
(b) A credit union may charge an entrance fee as may be provided in the bylaws.
  Previous section
Next section  
 Part 3 Contents