Ohio Code 1733.05 – Membership
(A) Persons otherwise qualifying for membership in a credit union under this section, the articles, and the regulations, and who are elected to membership by the board of directors, shall become members of a credit union, provided that in lieu of electing persons to membership, the board of directors may elect or appoint one or more membership officers and delegate authority to any such membership officer to accept persons into membership.
Terms Used In Ohio Code 1733.05
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Articles: includes original articles of incorporation, agreements of merger, amended articles, and amendments to any of these. See Ohio Code 1733.01
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bond: includes an undertaking. See Ohio Code 1.02
- common bond of association: include those persons and their families. See Ohio Code 1733.01
- Corporate credit union: means a credit union, eligibility for membership in which is being a credit union qualified to do business in this state. See Ohio Code 1733.01
- Credit union: means a corporation organized and qualified as such under this chapter. See Ohio Code 1733.01
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person who is a member of a credit union. See Ohio Code 1733.01
- Person: includes , without limitation, an individual, the estate of a deceased individual, a corporation, an unincorporated society or association, or any other organization of individuals. See Ohio Code 1733.01
- Regulations: includes the code of regulations of a credit union and any amendments thereto or an amended code of regulations and any amendments thereto. See Ohio Code 1733.01
- State: means the United States, any state, territory, insular possession, or other political subdivision of the United States, including the District of Columbia. See Ohio Code 1733.01
- Superintendent of credit unions: means the "division of financial institutions" the "superintendent of financial institutions of this state" or the "deputy superintendent for credit unions"; and whenever the context requires it, may be read as "director of commerce. See Ohio Code 1733.01
(B) (1) A person qualified for membership may become a member of a credit union upon the occurrence of any of the following:
(a) The purchase of a membership in the credit union as provided in the credit union’s bylaws;
(b) The payment of an entrance fee established from time to time by the board of directors of the credit union;
(c) The purchase of one or more shares in the credit union as provided in the credit union’s bylaws.
(2) Each member is responsible for maintaining a current address with the credit union.
(C) The membership of a credit union shall be limited to groups having a common bond of occupation or association or groups within a well-defined neighborhood, community, or rural district ; however, except as otherwise provided in the articles or regulations, a person shall be deemed to retain affiliation with the credit union so long as the person remains a member of the credit union even though no longer within the field of membership.
(D) Unless otherwise provided in the articles of incorporation or the code of regulations, and subject to such conditions as the superintendent of credit unions may establish, groups composed of persons within the field of membership of a credit union may become members of such credit union.
(1) Any credit union may, with the approval of the superintendent, pursuant to section 1733.33 of the Revised Code, amend its articles of incorporation and, if appropriate, its code of regulations, to permit select groups having a common bond of occupation or association or select groups within a well-defined neighborhood, community, or rural district, to become members of such credit union in accordance with rules adopted by the superintendent.
(2) Before the select group is permitted membership in a credit union, the superintendent must approve, in writing, both the select group and the credit union.
(E) With the approval of the superintendent, any select group, within a field of membership and described in division (D)(1) of this section, may disaffiliate from the credit union with which it is associated if a majority of the persons within the select group vote for disaffiliation. Any such proposed disaffiliation must be pursuant to a written plan approved by the superintendent. This plan shall be distributed to such persons in advance of the vote on the proposed disaffiliation, which plan must have due regard for the equitable division of assets and liabilities, including share accounts and loans of the select group seeking to disaffiliate, and any other consideration required by the superintendent.
(F) Credit unions qualified to do business in this state have a common bond of association for the purpose of forming and operating a corporate credit union.
(G) No interstate charter amendment, conversion, merger, or other expansion of a credit union field of membership shall be authorized without the approval of all supervisory authorities affected, whether state or federal, in accordance with rules adopted by the superintendent in terms of administrative control and authority, the location of the surviving credit union in the case of a merger, or the home office in the case of an expansion, is controlling.