TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 3 CREDIT UNIONS

7-1-651. Membership; shares.

1. The membership of the credit union shall consist of the initial subscribers and such other persons within the field of membership as may have subscribed to one share, which has been paid by a person or the credit union, together with the required entrance fee and complied with all other requirements contained in the bylaws. No subscriber or other member shall hold more than one share out of any class of shares. The bylaws may provide for separate classes of shares for borrowers and depositors and for the par value of each share for each class, but in no event shall the par value be less than $1.00.
2. Societies, associations, partnerships, and corporations composed of persons who are eligible for membership or headquartered within the field of membership may be admitted to membership in the same manner and under the same conditions as such persons.
3. A person or corporation who leaves the field of membership may be permitted to retain his membership in the credit union at the discretion of the board of directors.

(Ga. L. 1925, p. 165, §§ 1, 9; Code 1933, §§ 25-101, 25-108; Code 1933, § 41A-3102, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1985, p. 823, § 1; Ga. L. 2009, p. 86, § 7/HB 141; Ga. L. 2015, p. 344, § 20/HB 184; Ga. L. 2017, p. 193, § 18/HB 143.)

The 2015 amendment, effective July 1, 2015, in subsection (a), substituted "one share, which has been paid by a person or the credit union, together" for "one share and have paid for same together" in the middle of the first sentence, and inserted a comma following "each class" in the last sentence.

The 2017 amendment, effective June 1, 2017, inserted "or headquartered within the field of membership" in the middle of subsection (b).