533.202 Common bond — membership — ownership share. 1. a. State credit union organization shall be available to groups of individuals who have a common bond of association such as, but not limited to, occupation, common employer, orresidence within specified geographic boundaries. b. Changes in the common bond may be made by the board of directors.2. a. The membership of a state credit union consists of those persons in the common bond who have subscribed to one ownership share and have complied with the otherrequirements specified by the articles of incorporation and bylaws. b. Organizations, incorporated or otherwise, may be members.c. Unless the state credit union’s bylaws state otherwise, once a person or organization becomes a member of a state credit union in accordance with this chapter, the person ororganization may remain a member of that state credit union, and retain all membershipprivileges, until the person or organization chooses to withdraw from the membership of thestate credit union, or is expelled pursuant to section 533.210. 2007 Acts, ch 174, §19 Sat Dec 23 01:32:05 2023 Iowa Code 2024, Section 533.202 (18, 0)
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