N.Y. Banking Law § 451-a: Qualifications for membership

§ 451-a. Qualifications for membership. 1. Subject to approval of the

superintendent, the membership of a credit union shall consist of

persons within the credit union's field of membership who have been duly

admitted members.

Subject to the approval of the superintendent, a credit union's field

of membership may include one or more of the following categories:

(a) Persons:

(1) within the same occupation or from multiple groups each

representing a different occupation;

(2) within the same association or from multiple groups each

representing a different association;

(3) who reside, work, worship or attend school within a well-defined

identifiable neighborhood, community or rural district and who, in the

judgment of the superintendent, have such a community of interest as

will ensure proper administration. For purposes of this section a

"well-defined identifiable neighborhood, community or rural district"

may consist of one or more adjacent precincts, districts, cities or

counties; or

(4) within a combination of these three categories described in this

subdivision; or

(b) Organizations located within a well-defined identifiable

neighborhood, community or rural district, as determined in accordance

with subparagraph three of paragraph (a) of this subdivision and which,

in the judgment of the superintendent, have such a community of interest

as will ensure proper administration; or

(c) Family members of such persons described in paragraph (a) of this

subdivision. For the purposes of this paragraph, "family member" means a

person related by blood, marriage or living in the same household with a

person within the field of membership and their lineal ancestors and

descendants including persons so related by adoption, siblings,

stepparents, stepchildren and stepsiblings; and "household" means

persons living in the same residence and maintaining a single economic

unit; or

(d) Any employee of the credit union; or

(e) Any member who leaves the field of membership and who has not

withdrawn or been expelled may retain membership; or

(f) Any incorporated or unincorporated organization composed

principally of persons eligible to membership in the credit union and

that organization's employees.

2. Any person who is eligible for membership by reason of the fact

that he or she is an employee of a common employer or of a credit union

shall not become ineligible, after the termination of such employment,

as long as he or she receives a pension or annuity from, or under, a

plan or other arrangement established by such common employer or credit

union.

3. Subject to approval of the superintendent, a credit union may

extend membership to persons and organizations in an underserved local

community, neighborhood or rural district where such area is considered

an "investment area" as defined in the federal Community Development

Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)).

4. In considering an application pursuant to subdivision one of this

section, the superintendent shall consider the credit union's record and

history of serving underserved areas, as well as low and moderate-income

individuals within the communities it currently services, if any, and

its commitments to serve underserved areas, as well as low and

moderate-income individuals in the communities to be served.

Furthermore, in considering such application, the superintendent may

impose such limitation, such as geographical limitations, as the

superintendent determines to be appropriate in his or her sole

discretion.