Code Section Group

Financial Code - FIN

DIVISION 5. CREDIT UNIONS [14000 - 16906]

  ( Division 5 repealed and added by Stats. 1979, Ch. 112. )

CHAPTER 10. Central Credit Union [15400 - 15451]

  ( Chapter 10 added by Stats. 1979, Ch. 112. )

ARTICLE 2. General [15450 - 15451]
  ( Article 2 added by Stats. 1979, Ch. 112. )


Central credit unions may be organized and operated under this division. Each such credit union shall use the word “central” in its official name.

(Added by Stats. 1979, Ch. 112.)


(a) A central credit union may, with the approval of the commissioner and under such regulations as he shall prescribe, admit to membership groups of employees of a common employer, including the employer, whose place of employment is located within 25 miles of the principal office of the central credit union, or is located within the boundaries of a greater or lesser geographic area prescribed by the commissioner, upon application made by the employer and approval of the board of directors of the central credit union.

(b) In the event the employee group qualifies under the provisions of Section 14154, these employees may organize a separate credit union. The central credit union may, upon a plan approved by the commissioner, transfer the member accounts of these employees to any credit union formed by them.

(Amended by Stats. 1982, Ch. 691, Sec. 17.)

FINFinancial Code - FIN2.