Code of the District of Columbia

§ 26–504.01. Membership.

(a) The board of directors of a District credit union shall determine the membership of the District credit union, which shall consist of persons who have been duly admitted as members.

(b) Each person otherwise eligible for membership to become or remain a member of a District credit union shall purchase and maintain a share, share draft, or share certificate account in the minimum amount required by the District credit union.

(c) A member may make an initial installment on the purchase of a membership share and complete the purchase by no more than 6 months from the payment of the first installment.

(d) If the balance in any of a member's accounts is less than the minimum balance required for a membership share, the member shall restore the balance to the minimum within 6 months of having fallen below the minimum balance, or the membership may be terminated pursuant to § 26-504.07.

(e) In the case of a joint account, each joint account holder may apply for membership, and, if the District credit union's bylaws so provide, each member may maintain the joint account only so long as the balance is at least equal to the membership share amount for each member. A joint account does not entitle the joint account holder to a vote.

(f) Each member is entitled to one vote, regardless of the number of shares held by that member.

(May 6, 2020, D.C. Law 23-86, § 401, 67 DCR 3476.)