Section 14800 Of Chapter 5. Members From California Financial Code >> Division 5. >> Chapter 5.
14800
. (a) Every credit union may admit to membership those persons
qualified for membership upon the occurrence of any of the
following:
(1) Upon the purchase of a membership in the credit union as
provided in the credit union's bylaws.
(2) Upon the payment of an entrance fee established from time to
time by the board of directors.
(3) Upon the purchase of one or more shares in the credit union as
provided in the credit union's bylaws.
(b) No officer, director, committee member, or employee of any
credit union shall approve a person for admission to membership or
admit an applicant for membership in the credit union or extend any
benefit or service of the credit union to any person, unless that
person is admitted to membership in the credit union pursuant to
subdivision (a).
(c) Nothing in subdivisions (a) and (b) shall be construed to
limit the powers of a credit union to engage in joint service
programs or business relationships for the benefit of their members
where some incidental benefit may flow to third parties to the
transaction or the authority for a credit union to engage in joint
loan programs pursuant to Section 14959.
(d) Nothing in this section prohibits a credit union from
admitting to membership a corporation in which the credit union holds
shares pursuant to Section 14650 or a corporation formed to provide
services to credit unions or to credit union members in which the
credit union holds shares or a limited liability company formed to
provide services to credit unions or to credit union members in which
the credit union holds membership or economic interests pursuant to
Section 14651.