Ga. Comp. R. & Regs. R. 80-2-8-.01 - Definitions

(1) The field of membership of a state-chartered credit union shall consist of those persons, groups of persons, or organizations, each bound together by its own "common bond," i.e., a specific relationship of occupation, association or interest; residence or employment within a well-defined neighborhood, community, or rural district; employment; or membership in a bona fide cooperative, educational, fraternal, professional, religious, rural or similar organization. The common bond shall be such as would tend to create a mutual interest between persons sharing the relationship and must exist outside of the credit union itself. A common bond within a field of membership shall include persons related by blood, adoption, or marriage to or living in the same household with a person having the common bond as well as persons and surviving spouses of persons who are no longer within the common bond but who were members of the credit union in good standing when they left.

(2) Organizations, where more than 50% of the organization consists of employees, members, or owners within a non-geographic common bond shall be eligible for membership in the credit union under the same conditions as such employees, members or owners. Organizations that are headquartered within a geographic common bond shall be eligible for membership in the credit union under the same conditions as natural persons located within the field of membership.

Notes

Ga. Comp. R. & Regs. R. 80-2-8-.01

O.C.G.A. §§ 7-1-61, 7-1-651, 7-1-663.

Original Rule entitled "Definition" adopted. F. Aug. 17, 1983; eff. Sept. 6, 1983. Repealed: New Rule entitled "Definitions" adopted. F. Aug. 15, 2005; eff. Sept. 4, 2005. Amended: F. June 29, 2017; eff. July 19, 2017. Amended: F. July 7, 2022; eff. July 27, 2022.