Colorado § 11-30-103 - Membership.

§ 11-30-103. Membership.

(1) Credit union membership shall consist of the incorporators and any other persons and organizations which are elected to membership and which pay any entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. A central credit union may be organized under this article and may have a membership made up principally of other credit unions organized pursuant to this article or any credit unions authorized to operate within the state of Colorado, and such membership may also include the officers and committee members of such credit unions, members or persons within the field of membership of credit unions within the state which have entered into or are about to enter into voluntary or involuntary liquidation proceedings, and small groups which the commissioner determines lack the potential membership to organize their own credit union if such groups have a common bond of employment or association.

(2) Credit union organization and membership, other than those of a central credit union, shall be limited to groups having a common bond of employment or association or groups which reside within a well-defined neighborhood, community, or rural district having a population of no more than twenty-five thousand or as otherwise authorized by the board. Small groups which the commissioner determines to lack the potential membership to organize their own credit union may be eligible for membership in an existing credit union if such small groups have a common bond of employment or association. A member of the immediate family of any person who, under the provisions of this article, is eligible for membership in a credit union may also be admitted to membership therein. "Immediate family" means persons related by blood, by marriage, or by adoption.

(3) A member who leaves the field of membership of the credit union may retain membership in the credit union as provided by the bylaws of the credit union.

(4) Except as to accounts, which are defined in and which shall be paid as provided for in article 15 of title 15, C.R.S., nothing in this article shall be construed to prohibit credit unions organized under this article from carrying membership accounts in the names of two or more persons in joint tenancy; and, if any credit union transacting business in this state issues shares and deposits in the names of two or more persons payable to them or to any of them, such shares and deposits, or any part thereof or any interest or dividend thereon, may be paid to any one of said persons whether the others are living or not, and the receipt or acquittance of the person so paid shall be a valid and sufficient discharge to the credit union from all of said persons and their heirs, executors, administrators, and assigns, and such shares and deposits shall be deemed to be owned by said persons in joint tenancy with the right of survivorship.

Source: L. 31: p. 298, § 5. CSA: C. 47, § 5. L. 41: p. 372, § 5. L. 45: p. 307, § 1. CRS 53: § 38-1-5. C.R.S. 1963: § 38-1-5. L. 67: p. 317, § 4. L. 73: p. 1646, § 4. L. 75: (3) R&RE, p. 393, § 1, effective July 1; (4) amended, p. 586, § 2, effective July 1. L. 77: (1) and (2) amended, p. 565, § 1, effective July 1. L. 83: (1) amended, p. 483, § 2, effective July 1. L. 84: (2) amended, p. 372, § 2, effective July 1. L. 90: (2) amended, p. 1837, § 7, effective May 31; (4) amended, p. 920, § 3, effective July 1. L. 93: (2) amended, p. 1444, § 3, effective June 6. L. 2002: (4) amended, p. 1359, § 6, effective July 1.

ANNOTATION

The general assembly's use of the phrase "or" in subsection (2) in the phrase "limited to groups having a common bond of employment ... or groups which reside within a well-defined community" is ambiguous with respect to whether a credit union must choose between an employment-based group or a community or whether the credit union can include both in a field of membership. Colonial Bank v. Colo. Fin. Servs. Bd., 961 P.2d 579 (Colo. App. 1998).

It is permissible to interpret this section in a manner that allows the approval of a credit union that combines both community and employment-based fields of membership. Colonial Bank v. Colo. Fin. Servs. Bd., 961 P.2d 579 (Colo. App. 1998).

Expert testimony provided substantial evidence to support the board's finding that the south metro Denver area constituted a well-defined community pursuant to subsection (2). Colonial Bank v. Colo. Fin. Servs. Bd., 961 P.2d 579 (Colo. App. 1998).