Tex.
Fin. Code Section 122.051
Membership
(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.(c)
A member who leaves the field of membership may retain membership in the credit union under reasonable board standards.(d)
In this subsection, “good cause” includes the act of physically or verbally abusing a credit union member or employee. A person’s membership in a credit union may be terminated or suspended for good cause or for not maintaining membership requirements, under the conditions and in accordance with the procedures provided in the bylaws. A credit union may also discontinue providing any or all services to a member for good cause without terminating or suspending the person’s membership. Termination or suspension of a person’s membership in the credit union or discontinuing services does not relieve the person from any outstanding obligations owed to the credit union.(e)
Two or more persons within the credit union’s field of membership who have jointly subscribed for one or more share or deposit accounts under a joint account and who have complied with all membership requirements may each be admitted to membership.(f)
A credit union authorized to engage in business under this subtitle may accept as a member any other credit union organized or chartered under the laws of this or another state or of the United States. Those credit union members are not entitled to any voting privileges.
Source:
Section 122.051 — Membership, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.122.htm#122.051 (accessed May 11, 2024).
