§ 15451 Central Credit Union Membership

• •A central credit union can accept whole employee groups if the workplace is within 25 miles (or another area the commissioner sets).
• •The employer must apply, the credit union’s board and the state commissioner must both approve the membership.
• •If the employee group meets the conditions of Section 14154, they can form their own credit union and have their accounts transferred there with a commissioner‑approved plan.

A manufacturing plant located 18 miles from the central credit union wants all its employees to use that credit union for savings and loans.

The plant applies to the credit union, the credit union board and the state commissioner approve it, and the workers become members. Later, the workers qualify under another rule, decide to start their own credit union, and the central credit union moves their accounts to the new one with the commissioner's okay.