To become a Credit Union Member,

  1. he/she must have the common bond to which membership of the credit union is limited in the by-laws of that credit union;
  2. his/her application for membership has been approved by the board of that credit union;
  3. he/she has paid such entrance fee as may be provided in the by-laws of that credit union; and
  4. he/she has subscribed to at least one share.