(a) The membership shall consist of incorporators and persons, societies, associations, copartnerships and corporations that have been duly elected to membership and have subscribed to one (1) or more shares and have paid for the same in whole or in part, with the entrance fee as required by the bylaws, and have complied with other requirements that the certificate of organization may contain; except that a credit union shall be limited to groups having a common bond of occupation or association or to groups within a well-defined neighborhood, community, or rural district.(b) A credit union may charge an entrance fee as may be provided in the bylaws.Acts 1923, ch. 68, §§ 7, 15; Shan. Supp., §§ 2198a10, 2198a22; Code 1932, §§ 3838, 3849; Acts 1931, ch. 67, § 1; 1937, ch. 264, § 5; C. Supp. 1950, §§ 3838, 3849; Acts 1951, ch. 192, § 1; 1979, ch. 86, § 1; T.C.A. (orig. ed.), § 45-1807.
Tennessee Legal Code