Article 14D.

Membership.

§ 54-109.26.  "Membership" defined.

(a) The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and such other persons within the common bonds set forth in the bylaws as have been duly admitted members, have paid any required entrance fee or membership fee, or both, have subscribed for one or more shares, and have paid the initial installment thereon, and have complied with such other requirements as the articles of incorporation or bylaws specify.

(b) Credit union membership may include groups having a common bond of similar occupation, association or interest, or groups who reside within an identifiable neighborhood, community, or rural district, or employees of a common employer, and members of the immediate family of such persons.  (1915, c. 115, s. 6; C.S., s. 5230; 1925, c. 73, s. 3; 1935, c. 87; 1965, c. 956, s. 18; 1975, c. 538, s. 1; 2026-31, s. 11(d).)

§ 54-109.27.  Societies and other associations.

Societies, and copartnerships composed primarily of individuals who are eligible to membership, and corporations whose stockholders are composed primarily of such individuals, may be admitted to membership in the same manner and under the same conditions as individuals, but may not borrow in excess of their shareholdings. Provided, however, secured loans in excess of shareholdings may be made to nonprofit societies, copartnerships, and  corporations who are members. (1975, c. 538, s. 1; 1979, c. 809, s. 1.)

§ 54-109.28.  Other credit unions and specially designated common bonds.

A credit union organized under Articles 14A to 14N of this Chapter may permit membership of any other credit union organized under Articles 14A to 14N of this Chapter or other law. To facilitate the provision of financial services to underserved populations and communities, a credit union organized under Articles 14A to 14N of this Chapter may also permit membership of the following located in this State:

(1) Individuals and families that earn income at or below the federal poverty threshold as long as the account holder is at least 25 years of age.

(2) Persons residing in census tracts in North Carolina where the center of population, as defined by the United States Census Bureau, is more than 9 miles from a bank branch, as defined in G.S. 53C-1-4. If the credit union does not have a branch already present, the credit union must establish a branch located in the census tract. For purposes of this subdivision, the term "branch" shall mean an office of any credit union organized under the credit union laws of the United States, North Carolina, or another state in which deposits are received. A branch may also engage in any of the functions or services authorized to be engaged in by the credit union of which it is a branch. The term "branch" does not include a non-branch credit union business office, automated teller machine, remote deposit facility, remote service unit, customer-credit union communications terminal, point-of-sale terminal, automated credit union facility, or other direct or remote information processing device or machine, whether manned or unmanned, by means of which information relating to any financial service or transaction rendered to the public is stored and transmitted, instantaneously or otherwise, to or from a credit union or other non-credit union terminal.  (1975, c. 538, s. 1; 2026-31, s. 11(d).)

§ 54-109.29.  Members who leave field.

Members who leave the field of membership may be permitted to retain their membership in the credit union as a matter of general policy of the board of directors. (1975, c. 538, s. 1.)

§ 54-109.30.  Liability of shareholders.

A shareholder of any such corporation, unless the bylaws so provide, shall not be individually liable for the payment of its debts for an amount in excess of the par value of the shares which he owns or for which he has subscribed. (1975, c. 538, s. 1.)

§ 54-109.31.  Meetings of members.

(a) The annual meeting and any special meetings of the members of the credit union shall be held at the time, place, and in the manner indicated by the bylaws.

(b) At all such meetings, a member shall have but one vote, irrespective of his shareholdings. No member may vote by proxy, but a member may vote by absentee ballot if the bylaws of the credit union so provide.

(c) A society, association, copartnership or corporation having membership in the credit union may be represented and have its vote cast by one of its members or shareholders, provided such person has been fully authorized by the organization's governing body.

(d) The board of directors may establish a minimum age of 16 years  of age as a qualification to vote at meetings of the members.

(e) The board of directors may establish a minimum age of 18 years  of age as a qualification to hold office. (1975, c. 538, s. 1.)

§§ 54-109.32 through 54-109.34.  Reserved for future codification purposes.