Common use of Requirements of Membership Clause in Contracts

Requirements of Membership. To become a member of our Credit Union, you (as a person or business or organiza- tion) must be in our field of membership as described in our Bylaws or Charter and open and maintain at least one share or savings account with the minimum required membership share or savings amount, as described in the Bylaws (or otherwise re- quired). If you are an owner, partner, principal, shareholder, or member of a business or organization, that business or organization may join as a member of the Credit Union and have its own accounts if it is principally comprised of people who are eligible for membership with us. Before opening the account, we may require any authorized per- son to provide proof that 1) the business or organization is lawfully formed (e.g., by production of Articles of Incorporation, Operating or Partnership Agreement, registration with the Secretary of State, business license, tax returns and client references from the last three years, etc.), 2) the business or organization wants to join the Credit Union, open accounts and initiate services, and 3) to establish both his or her authority to act as an authorized person for the account or service for the business or organization (e.g., notarized board resolution, partnership letter, business license and driver’s li- cense, etc.) and his or her identity as an authorized person.

Requirements of Membership. To become a member of our Credit Union, you (as a person or business or organiza- tionorganization) must be in our field of membership as described in our Bylaws or Charter and open and maintain at least one share or savings account with the minimum required membership share member- ship or savings amount, as described in the Bylaws (or otherwise re- quiredrequired). If you are an owner, partner, principal, shareholder, or member of a business or organization, that business or organization organiza- tion may join as a member of the Credit Union and have its own accounts if it is principally comprised of people who are eligible for membership with us. Before opening the account, we may require re- quire any authorized per- son person to provide proof that 1) the business or organization is lawfully formed (e.g., by production of Articles of Incorporation, Operating or Partnership Agreement, registration with the Secretary of State, business license, tax returns and client cli- ent references from the last three years, etc.), 2) the business or organization wants to join the Credit Union, open accounts and initiate services, and 3) to establish both his or her authority to act as an authorized person for the account or service for the business busi- ness or organization (e.g., notarized board resolution, partnership letter, business license and driver’s li- censelicense, etc.) and his or her identity as an authorized person.