Texas Finance Code
§ 122.051 — MEMBERSHIP
FI § 122.051Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part D. CREDIT UNIONS · Ch. 122. ORGANIZATIONAL AND FINANCIAL REQUIREMENTS · Art. B. ADMINISTRATION
Statute text
View on source(a)A person may be a member of a credit union only if the person is an incorporator or other person who:
(1)shares a definable community of interest, in accordance with the credit union's articles of incorporation or bylaws, including a community of interest based on occupation, association, or residence;
(2)has paid an entrance fee or membership fee, or both, as required by the bylaws;
(3)has complied with the minimum share, including membership share, requirements or other qualifying account requirements established by the board; and
(4)has complied with any other requirement of the articles of incorporation and bylaws.
(b)The state acting through the comptroller as administrator of the state's deferred compensation program or a political subdivision acting through an appropriate officer as administrator of the political subdivision's deferred compensation program may be a member of a credit union for purposes of funding a deferred compensation program. The state or a political subdivision funding a deferred compensation program is not required to pay an entrance fee.
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Legislative history
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 14, eff. Sept. 1, 2003.