Common use of Bylaw Requirements Clause in Contracts

Bylaw Requirements. An applicant eligible for membership may be admitted to membership in First Community Credit Union upon payment of a membership fee, if any, as set by the Board of Directors and by establishing the minimum deposit balance established by the Board of Directors. A member whose obligations are defaulted and charged off as a loss automatically forfeits membership when that member’s shares are applied toward the balance of that obligation. Shares may be transferred only from one member to another by written instrument or in such form as the Credit Union may prescribe. A reasonable fee for each transfer may be required by the Board, as set forth in the Fee Schedule accompanying this Agreement.