Membership Application Form

Membership Application Form


Section 1. The field of membership shall be limited to those having the following common bond of association, occupation, or residence: Employees of Alabama A.&M. College and of the Negro public schools who work in Madison County, Alabama; employees of the credit union; members and their immediate families; and the organizations of such persons.

Section 2. Each application for membership must be in writing and must be presented to the board of directors for action at a regular or special meeting thereof.

Section 3. An applicant shall not be admitted to membership except by the affirmative vote of a majority of the directors present at the meeting, at which the application is acted upon; and shall not become a member or entitled to any of the rights or privileges of a member until he shall have qualified by paying an entrance fee of 25 cents and shall have subscribed for at least one share of this credit union and paid at least the first installment thereon, as required in Section 1 of article 111 of these bylaws.

Section 4. A member who withdraws all his shareholdings thereby ceases to be a member.

Section 5. Subject to the conditions herein contained, a member who leaves the field of membership of this credit union may retain his membership therein but may not borrow therefrom in excess of his share holdings,