Members who cease to be eligible for membership in a credit union for reasons other than expulsion may be permitted to retain their membership in the credit union, subject to any restrictions which may be established by the bylaws.
History: Laws 1987, ch. 311, § 24; 1997, ch. 195, § 18.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-24 NMSA 1978, as amended by Laws 1975, ch. 344, § 22, relating to dissolution, effective June 19, 1987, and enacts the present section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment, effective July 1, 1997, inserted "in a credit union for reasons other than expulsion" near the beginning of the section, substituted "bylaws" for "board of directors" at the end of the section and made a minor stylistic change.